Rehan Yar Khan, Rajan Anandan Invest in ReachAccountant.com
by Irfan Khan
Chennai based online accounting startup - ReachAccountant has raised first round of funding from Rajan Anandan, MD-Google India and Rehan Yar Khan of Indian Angels Network. Post funding, Rajan Anandan will join the board of Reachaccountant.com.
Reach Accountant was founded in 2005 by Robin Moses. Reachaccountant provides web based accounting application for startups and small businesses. It claims to helps small businesses save more than 80% on the cost of accounting and reduces their bookkeeping time by over 50%.
The firm claims to be different from Tally as Reachaccountant imports transactions from bank current accounts and categorises them automatically.
ReachAccountant has also raised seed funding from Morpheus.
SAIF Partners, one of the early backers of BSE listed local search directory, Just Dial has sold close to 2.4% stake in the company for a total of INR254 Cr. The part exit fetches the fund, a 30x returns on its seven year old investment.