August 25, 2021 Ecosystem

Bookkeeping app, mKhata launches with pre-seed funding from 10Pearls Ventures

mKhata, a Lahore-based fintech startup has launched its app, securing pre-seed funding from 10Pearls Ventures. mKhata is a free, multi-lingual bookkeeping app, aimed to help the MSME (Micro, Small and Medium Enterprises) sector digitize their bookkeeping and credit management. 

 

Most local corner (kiryana) stores extend credit to customers in their neighborhood. This is either recorded on paper or not recorded at all. mKhata aims to digitize these transactions helping small businesses record and maintain credit history for their customers.

 

Pakistan’s retail market is currently estimated to be around $152 billion, with an annual growth rate of 8%. However, the market is not digitized hence limiting financial inclusion of people. Serving as a digital ledger, mKhata aims to achieve this and promote financial inclusion by tapping the 6 million-plus MSMEs nationwide, and empower them through robust and seamless financial technology.

 

The founder and CEO, Umair Sheikh, elaborating on the need of mKhata, said, “mKhata is one of the few apps in Pakistan that will make the lives of small businesses easy. Using this app, consumers will be able to establish trust with MSME and businesses will have an opportunity to grow and move towards e-commerce.”

 

Speaking on the investment, Zeeshan Aftab, Director of 10Pearls Ventures said, “The MSME sector of Pakistan contributes significantly in terms of revenue, utility and employment. Enabling this sector with the right technology can help boost small businesses, which in turn, would have a significant impact on our economy. The purpose of mKhata aligns very closely with our vision to use technology for good, and to transform businesses and lives.”

 

The mKhata app comes with automated collection reminders, free SMS transaction alerts, detailed reports, and online backups among other features. It is free and can be downloaded from both the App Store and Google Play Store.

About mKhata

mKhata is a fintech startup that offers digitization services to the MSME (Micro, Small and Medium Enterprises) sector. Launched in August 2021, the startup allows MSME to increase their ROI through complete digital transformation, and also helps document the financially excluded, so they too can have access to basic financial services. The company’s flagship product, mKhata, is a free credit management application that helps MSMEs avoid disputed transactions and bad debt, while allowing them to increase their recovery rate and cash flows. The startup is led by Umair Sheikh, the founder of an award-winning fintech startup which pioneered the real estate crowdfunding space in Pakistan. Umair is a globally-recognized expert on digital financial services and has also served as a member of the Fintech Working Group constituted by the Securities and Exchange Commission of Pakistan back in 2018.

About 10Pearls

10Pearls is a global, award-winning end-to-end technology services partner that helps businesses with innovative product development, digitization of existing business processes, modernization and acceleration through augmentation of existing teams. 10Pearls leverage their deep understanding of the latest technologies and the nuances of the digital landscape in the specific industry to drive company growth, no matter where a customer is on their digital journey. 10Pearls is proud to have a diverse clientele including large enterprises, SMBs, and high growth startups, and work with clients across industries, including but not limited to healthcare/life sciences, energy, communications/media, financial services, technology and education.

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