Ravish Naresh
@ravishnaresh
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21,321
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Founder/CEO @Khatabook Prev. @Housing
Joined August 2011
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Over 2020
@Khatabook
activated merchants in >95% Indian districts, recording over $100Bn+ in transactions with over 150Mn+ customers. A good chunk of India's retail GDP is already being recorded on the platform and trade flows from across the country are getting digitized.
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Startups in HSR/Koramangala (India's Sillicon Valley) are already generating billions of $ of taxes. Yet we have v bad roads, almost daily power cuts, poor quality water supply, unusable foot paths. Many rural areas now have better basic infra than India's Sillicon Valley
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If the govt allows,
@Khatabook
can disburse crypto backed loans to small Indian businesses, at less that 10% interest. They currently pay anywhere from 30-50% interest currently. $300Bn of unmet credit demand, which no Indian bank is willing to fill, can be easily met thru crypto
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Got invited by Harvard to share learnings on how Khatabook became the world's fastest growing SMB SaaS company.
You don't need to go to Harvard to get those lessons. We've lots of open positions across Engineering, Product, Design and Analytics.
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RBI should buy bitcoin. The only way India can upend Dollar or Yuan is not going to be thru Rupee. An early movement to fractional crypto reserves can be a massive long term windfall for any sovereign nation. US is freely printing money and devaluing our forex reserves.
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Had a great time sharing
@Khatabook
's journey with the HBS class of 2021.
Really encouraging to see the global positive sentiment around the action happening in the Indian tech scene.
Most of the HBS Indian students now wanting to come back to India than staying in US.
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Excited to share
@Khatabook
has closed a $100 Mn Series C funding. On this milestone, pleased to announce an ESOP buyback plan worth 10 Mn USD to acknowledge the contribution of our employees & early investors.
Welcome aboard
@arjunsethi
@balajis
@deepak_rav
MSV
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At
@Khatabook
we've merchants in over 95% of Indian districts. We visualized inter-city txns b/w merchants revealing a complex network of existing offline relationships across India. We must continue to strive to make state borders meaningless and enhance internal trade further.
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Also the nearest airport is ~3hrs away in peak traffic.
@PMOIndia
@narendramodi
@BJP4Karnataka
@Tejasvi_Surya
pls help
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(1/n) Using what is the largest active data set on Indian MSMEs, we
@Khatabook
did an analysis of the impact of lockdown across all Indian states and major business categories. (Thread)
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Another great addition to
@KhataBook
's amazing roster of backers. Looking forward to a long partnership with
@msdhoni
Onwards and Upwards :)
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Never thought we would land up in top 100 YC companies of all time, that too with valuation assigned to us in the middle of the pandemic! Have always wanted to make India proud. Dil se.
Massive room for upward growth!
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Kunal's is one of the most inspirational startup journey in the ecosystem. Tracking FreeCharge since 2010, it reached $400Mn after 7 years. CRED took only two years to become a Unicorn and will probably take another two to become a decacorn. More power to you boss
@kunalb11
Here's how CRED members shaped financial progress in March:
45%: CRED members improved their credit scores
₹185 Cr: hidden charges detected
586,000: extra interest charges avoided
₹19.4 Cr: cash-back for paying bills on time
₹63.7 Cr: late fees avoided with reminders.
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Tonight is going to be possibly one of the most exciting nights in the Indian startup ecosystem. Hope Indian VCs have enough firepower ready to enable entrepreneurs to quickly fill all the big white spaces made open today.
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Shopify took 7 years to get to 15k paid users.
@Khatabook
platform (KB+Bizanalyst) has crossed 100k active paid users within 6 months of launch.
#DigitalIndia
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@anmolm_
Despite all these issues, still prefer to build from India. Other aspects of life here are much better, and these are fixable issues.
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India can be a hub of crypto companies and attract billions of dollars of investment, probably hundreds of billions by 2030. Our govt policy should be forward looking and allow for this opportunity to be harnessed. We cannot afford to lose the crypto race as a country.
Tesla bought Bitcoin.
Every company will buy Bitcoin.
Every country will buy Bitcoin.
India should buy Bitcoin.
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My mother presenting her paper at IEI conf. She made so many sacrifices for me to get to where I'm at today. At 55, she's now on her way to do PhD 👩🎓. Really helps having so much inspiration right at home. More power to Indian Moms everywhere. 💫🚀
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Despite initial hiccups, India will come out strongly from the pandemic.
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Its a privilege to be able to close our Series B in such challenging times. Now have more than adequate runway to build out the rest of the roadmap. Time to leverage our distribution! We're rapidly scaling our tech team. Come join:
India's Khatabook raises $60 million to help merchants digitize bookkeeping and accept payments online by
@refsrc
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Velocity of the Indian startup ecosystem could probably double if the govt allows digital signatures on all legal docs instead of physical.
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There needs to be complete accountibility for the unnecessary tragic pain millions of Indian families are going through right now.
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Dawn of a new young and bold India, ready to take on the world 🌎
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Extremely excited to share Khatabook has acquired Biz Analyst in our first strategic acquisition.
@bizanalystapp
will join
@Khatabook
as a distinct brand and value-added premium software service for the suppliers on our platform.
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BNPL only recently became hot in the West, meanwhile small merchants on Khatabook are recording $15Bn of BNPL txns every month.
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The Long Game: Parents came to the office for the first time this Diwali. Have come a long way since Dad gave me and Rahul our first external cheque at
@Housing
in 2012, and even before that our first startup Exambaba in college way back in 2008.
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2010: 3rd yr Uni, Homeworkmafiacom
2011: Automated piracy @ IIT-B
2012-15:
@Housing
: $150Mn crash course on doing a startup
2016: Reset, Northern Lights
2017:
@ycombinator
Back to basics.
2018:
@kyte_ai
, Pivot.
2019-20:
@KhataBook
at 6.5Mn MAU
Looking forward to 2030!
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A crore per year is barely above poverty line in the bay area. MNC placements are scam, dumb placement cells play along.
Yesterday was Day 1 placements for most IITs and the press releases prove what I was saying a few days back. Our institutes are excited to export our top talent to MNCs at "crore"+ packages which may not be as meaningful in those countries.
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This is a pivotal moment in Indian startup history. What a ride Zomato has been! So much respect for Deepi and team. 🙏🙏🙏
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Yesterday
@KhataBook
crossed $2Bn in txn entries recorded for the month July up from $1Bn in May. Now over 1.2Mn active merchants. The only thing scaling faster are our ambitions. Come join the rocket ship, hiring across functions. Drop in a word at careers
@khatabook
.com
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1.5 crore merchants, 23% of the Indian MSME segment, recorded transactions on Khatabook in FY 20-21. Here's the ‘2021 Mid-year Covid Impact' analysis, a small effort from our end to understand the MSME segment behavior based on insights from the Khatabook platform.
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Small businesses and kiranas have served as a critical, dependable lifeline during the pandemic. Life during lockdown kept moving because they were putting our needs first. There is no other apt person to represent these heroes across India.
@msdhoni
.
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They've been extremely supportive and encouraging of my very risky career path, most importantly at my lowest points. As an entrepreneur, I can't even imagine where I would be without a support system like this.
Felt great to see them happy, with their really long bet.
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Grateful to have an amazing set of backers as we execute our journey to create the biggest and most trusted business platform for Indian MSMEs.
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While not much of a standalone metric, still a significant one for us,
@Khatabook
crossed 50Mn installs this week. It's been an amazing 30 months. Super excited with the roadmap for the next 30!
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Over the last 3 years, we have built a product with mass acceptance based on first principles. In the next chapter,
@Khatabook
will evolve from being an app into a platform. Looking forward to building this next phase in our product journey with
@gshahlot
🚀🤘
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Last year, when
@Khatabook
had started scaling marketing post raising our Series A, we had gotten connected to Sidar, CEO of Peak Games, an unheard of Turkish gaming company through our common investor
@HummingbirdVC
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Nobody should be doing 70 hour work weeks for a billionaire unless you have meaningful equity or working on your own thing.
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@KhataBook
crossed 5Mn active devices. $5Bn+ of cash transactions will be recorded just in November. 🚀🚀
@SlackHQ
had half this amount of active users at the same point in their journey.
A completely new market has opened up at an unprecedented rate. Thank you Ambani Sir. 🙏🙏
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Stoked about my first angel investment
@InVideoOfficial
Have full belief in
@sanket_invideo
and team and their world domination plans.
Indian SaaS scene is coming of age and companies like InVideo are at the forefront of this. Can't wait to see them kick some global ass! 🚀🚀🚀
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Having fractional crypto reserves completely makes sense especially for a country like India if it wants to fight the Dollar/Yuan hegemon.
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Very inspired meeting the super special and humble
@vijayshekhar
Thank you
@_surgeahead
for making it happen.
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Internet has been changing bharat for a while but now
#Bharat
is changing the internet.
/end
🚀🚀🚀🚀🚀
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Fb, Instagram, Whatsapp and now Twitter using ephemeral stories. While
@evanspiegel
may have invented stories, platforms with their own larger distribution ended up leveraging it better. Distribution eventually trumps all feature innovation.
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Current VC model of large ownership doesn't work for web3. Many investors including VCs end up owning a minute chunk of the projects. Will be interesting to see how governance plays out.
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90% of Indian retail trade still flows through small merchants. If life during lockdown did not come to a standstill inside our homes, it was because these heroes were putting our needs first. Now is the time they need us to stand by them.
#VokalforLokal
#JaiHind
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Wowww.
@VitalikButerin
just donated a billion dollars of his shiba holdings to India covid relief.
#cryptoFTW
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At
@KhataBook
we've crossed $1Bn in monthly txn recorded, still growing organically at 40% MoM, with a tiny team of 10 people. Every member is making a huge impact. Thanks
@singh_sequoia
@2SharmaP
@_surgeahead
@ycombinator
Infoedge
@guptajiten
@amrishrau
for backing us.
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Waiting for the day when
@asliyoyo
talks about
@_surgeahead
standardizing pre Series A funding scene in India.
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In the last 3 months
@KhataBook
has organically onboarded over 400k businesses. No other company in the b2b space besides
#slack
has organically done it at this speed or this scale before. Bharat is now coming online.
@_surgeahead
@singh_sequoia
@2SharmaP
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Automated calls and secret calls available on a wider roll out. Now
@Khatabook
helps you recover your money even faster!
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Khatabook is on a mission to help MSMEs increase their incomes with delightful products, and our Financial Services are an integral part of enabling this. We are actively looking for talented Product Managers in the Fintech domain to help us get there.
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Lots of open roles at Khatabook as we build out the Indian SMB stack.
Check for more details.
RT for visibility 🙏
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Great to see the how far the early stage ecosystem in India has come over the last 10 years.
In 2010, angels getting board seat was a norm rather than a exception. 😅
Now ventures with traction/good team, are getting valuations of 10-15Mn at the get go with very clean terms.
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Australia’s fires have pumped out more emissions than 100 nations combined.
Climate change is driving climate change is driving climate change.
This should be grabbing more of our attention.
Whatever we're all working on is useless if we eventually don't have a livable planet.
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Meanwhile
@Khatabook
growing 500% this year.
Gujarat: Stationery manufacturers in Ahmedabad say demand for their products may remain low ahead of 'chopda puja' during Diwali this year, wherein new account books are worshipped.
A businessman says, "We're anticipating sale to be down by 50% due to the pandemic." (27.10.2020)
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Engagement on Khatabook is back to pre covid level engagement and 90% of transaction value has returned. Shopkeepers are still returning to the app after 3 months.
#ExtremeStickiness
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Was awesome hosting
@anuhariharan
and Nic today at
@KhataBook
HQ. Grateful for all the support and advise from team
@ycombinator
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From having a terrible demo day to being on the 2022 top YC companies of all time, have seen it all while building
@Khatabook
Lots of open positions as we scale financial services on the platform and transform into a merchant focused Digital Bank.
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Very encouraging to see such organic adoption of
@KhataBook
in hinterlands. We've users in 5000+ Indian towns and cities with over 60% of them from tier 2 and beyond.
@KhataBook
you made it the remote villages .. That's my dad making entries...
#Kahtabook
..Kudos! Few days ago someone mentioned about you guys on twitter..and today was surprised to see dad using it.
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Really love
@INDmoneyApp
and it's approach to productify wealth management. Tried a bunch of apps, finally sticking with IND. Great work in stealth
@ashishkashyap
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Txns worth 20,000+ Cr will be recorded in August in KhataBook. Who would have thought Degloor, a small town of less than 50,000 people, somewhere in India's hinterland, will be the birthplace of an app that is being used across multiple countries....
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Vaibhav's vision of helping his father, has gone a lot further. KhataBook crossed 2 million actives yesterday. Shopkeepers across 3000+ Indian cities are using KhataBook along with it being widely used in Pakistan, Nepal and Bangladesh.
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“I found Bombay and opium, the drug and the city, the city of opium and the drug Bombay”
#missinghome
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The pandemic presents unprecedented opportunities at
@Khatabook
with huge behaviour shifts towards digitization happening in India's gigantic 60Mn strong MSME space. We're scaling massively with positions open across Growth, Product and Engineering.
👇👇
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Crossing a million monthly active merchants in the next few days. 30 merchants in Port Blair are using Khatabook
#deepenetration
Need fellow astronauts to ride along on the Jio fueled rocket ship.
Hiring across Android, Backend, UX and Data. careers
@khatabook
.com
@_surgeahead
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He learned Android from Udacity and built India's first cash management Android app, KhataBook, while helping his father run the shop.
He iterated the design till his father was comfortable with the interface and released it on playstore in October 2016.
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Yesterday, Peak was acquired by Zynga for $1.8Bn🚀Truly happy for Sidar, his humility is far greater than his net worth. 🙌
Congratulations to team
@HummingbirdVC
as well who made 200x on their investment!
@barendvandenb
@IdrisSami
Zynga is set to buy Turkish mobile-game maker Peak for $1.8 billion, marking its biggest acquisition yet
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El Salvador just passed a bill and became the first country in the world to make Bitcoin a legal tender. It's already happening, the first sovereign movers will reap the biggest benefits from the crypto economy. Who will be next? How many by 2025?
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India can/should produce and distribute masks for all its populace. Czech republic did it themselves in 10 days and it drastically cut down virus growth.
#Masks4All
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Some random court will ban whatsapp for a few days and the transition to
@signalapp
will be complete.
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First the engineers, product managers and now the operator veterans too are starting up! Fair to say we're living in the decade of tech in India ✨
When you work with a super entrepreneurial team and
#founders
, it's hard to not get the bug! Thrilled to launch my own
#startup
in the coming weeks. Super grateful to
@Sequoia_India
; privileged for all the support. More soon!
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Lockdown period (period: 24 Mar to 17 May) hit businesses across all regions and categories. We saw an overall drop of ~50% in DAUs during the first week.
However drop was comparatively lower for grocery(-9%), mobile(-12%), health(-10%) and agriculture(-9%).
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We need to go really deep top down and assess where we failed as a system. Future generations should know about all our mistakes, so this massive ongoing tragedy is never repeated.
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After
@Housing
in 2016 and Fastpad in 2017, I was completely broke again. Even though he'd never seen any of his money ever come back, Dad gave another 10 lacs no questions asked. This seed helped start Kyte which pivoted to
@Khatabook
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@_surgeahead
@ycombinator
have a big role in maturing the Indian early stage ecosystem thru standardization of deal terms and valuation benchmarks at par with silicon valley.
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Was awesome meeting the new batch, so many interesting companies, with many going global on day 1!
As
@RajanAnandan
said, 2.0 era is here.
@_surgeahead
We love it when our Surge 01 and 02 founders come together. Was awesome to have you join us
@ravishnaresh
. This time as a speaker! 👊🏻
#GetReadyToSurge
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Merchants have massively given their full support for digitization. Within 18 months
@Khatabook
has merchants present in over 700 out of 729 Indian districts. With this scale and reach, we're able to get a fairly accurate picture of the situation on ground. Here's what we found:
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A bunch of our amazing backers are on Midas 2020. Congratulations to
@singh_sequoia
,
@hanstung
, Jixun Foo and Saurabh Gupta. Grateful to have their support 🙏🙏🙏
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This is big! e-KYC closer to reality.
#breaking
Super news for DigiLocker!
RBI notifies its official recognition to the DigiLocker platform & its digital documents!
RBI's latest Master Circular on KYC says e-documents issued by issuing authority to customer's Digital Locker a/c is now accepted in the KYC process /1
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Simple, high hit rate playbook for young Indian founders who want to build Global SaaS:
1. Open Crunchbase
2. Look at early US based SaaS companies getting good traction.
3. Ctrl C, Ctrl V
4. ??????
5. Profit!!!!!!
Let's eat the US market! 🇮🇳🚀
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So awesome when a UN agency copies your product to help small business in the emerging world. Big tangible benefits in cashflow for any small business that uses
@Khatabook
Do refer your local Kirana and help them help themselves!
TallyKhata app has been developed by SureCash under the
@UNCDFSHIFT
SAARC umbrella, with
#EU
support.
It has reached 100,000+ people and businesses during the
#COVID19
pandemic.
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Dear Sir, honestly it's more scary to see all the rich nations still at the top of the table.
The scary thing about this graph is that it suggests we have another China-sized disaster in the pipeline, in the form of India.
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Modi Ji's amazingly effective marketing masterstroke. Proud to see communities united in face of adversity
@PMOIndia
🙏
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Post lockdown recovery has been very encouraging. However, for many small businesses, this year is going to be probably the hardest one in their lives and a lot of them may not survive if the crisis prolongs and more disruptions happen.
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That looks like a big table 😂😂
Don't know about use cases for SMEs or small business owners, but
@Khatabook
is definitely a perfect product-market-fit for poker players to keep the track of all payments ;)
CC:
@Khatabook
@ravishnaresh
@peakbengaluru
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