Internovo Ventures Pvt. Ltd, a joint venture between the family office of Karan Desai and Akshay Srivastava, the founder of DSFX Technologies, has acquired Mera Cashier, a technology platform offering ‘khata’ solutions to small merchants across India.
Mera Cashier was conceptualised and launched by Suneel Kumar, Sucharita Reddy and Gaurav Tomar in 2019, to help small merchants to digitise their daily transaction records and help to monitor their credit sales more efficiently. The platform claims to eliminate the manual registers maintained by the merchants and keeps a better track of receivables (“udhaar”) from their local and known customers.
Incubated by Google Accelerator and the US Embassy-run Nexus, Mera Cashier claims to have more than 3,00,00 installations and over 40,000 monthly users. According to a company statement, it has completed nearly five lakh of end-customer transactions so far.
Till date, Mera Cashier has bagged funding from angel investors like India Accelerator, Amit Singhal–the founder of Fluid Ventures, Bollywood singer Sukhbir Singh and Vinod Abrol–head of private investments at the SAR Family Office.
Regarding the acquisition, Karan Desai, director of Internovo Ventures, said, “Mera Cashier is a highly strategic fit in Internovo’s fintech platform strategy as it allows Internovo to penetrate deeply into the small business and merchant segments.”
Akshay Srivastava, the founder of DSFX Technologies, added, “Internovo’s soon-to-be-launched B2B2C (business-to-business-to-consumer) loan origination platform Indirow, will be deeply integrated into Mera Cashier (which is being redesigned and rechristened “Indibook”) and the technology stack of RULoans, which is one of India’s largest corporate DSAs arranging over Rs. 2,500 crore of retail loans for clients pan India every month for seamless loan facilitation.”
Suneel Kumar, the co-founder of Mera Cashier said, “We are delighted to team up with Internovo given their extensive network in the financial services and lending sectors, coupled with their in-house technology development capabilities which will ensure that the platform will always continue to evolve and stay cutting edge.”