Internovo Ventures acquires Fintech Startup Mera Cashier
Internovo Ventures, a joint venture between the family office of financial services veteran Karan Desai and Akshay Srivastava, founder, DSFX Technologies, has acquired the rights to Mera Cashier, a technology platform that provides ‘khata’ solutions to small merchants across India.
Mera Cashier was conceptualized and launched by three founders, Suneel Kumar, Sucharita Reddy and Gaurav Tomar in 2019 to help small merchants digitize their daily transaction records and help monitor their credit sales more effectively. The platform eliminates the manual records maintained by the sellers and keeps better track of outstanding receivables (“udhaar”) from their local and known customers.
Mera Cashier, incubated by the Google Accelerator program and Nexus, which is the business incubator program run by the US Embassy and ACIR has over 300,000 installs, 40,000+ active monthly users and boasts over half a million end customer transactions during its journey so far. The notable angel investors in the company today include India Accelerator, Amit Singhal – Founder, Fluid Ventures, famous Bollywood singer Sukhbir Singh and Vinod Abrol, Head of Private Investments at SAR Family Office.
Karan Desai, Director of Internovo Ventures, comments on the acquisition: “Mera Cashier fits very strategically into Internovo’s fintech platform strategy as it allows Internovo to penetrate deeply into the small business and commerce segments, combining basic accounting with fully integrated lending services to begin with. Credit is a critical need for these merchants, including small grocery and stationery stores, food stalls, etc., and so we want to provide a deeply integrated platform to our merchant community that will allow them to maintain their books and get credit while on the go.”
Suneel Kumar, Co-Founder, Mera Cashier said: “We are delighted to join forces with Internovo given their extensive network in the financial services and lending sectors, combined with their in-house technology development capabilities which will ensure that the platform will always continue to evolve and stay in cutting edge. The management team of Mera Cashier will remain closely involved in the development and relaunch of the platform as it embarks on its journey to assume a new avatar and improve operational profitability in the shortest possible time frame.”
Internovo Ventures is currently incubating several fintech platforms across loan origination, small ticket investments and savings, and these are set to launch in the current quarter. Karan Desai is also the director of RULoans Distribution Services.
