HostBooks to invest Rs 35 cr, eyes 2 lakh customers this year

HostBooks, which provides services through automated accounting software, has a customer base of 51,000 and plans to take the numbers to 2 lakh by the end of 2020, it said in a release. Kapil Rana, founder and chairman of HostBooks, said the company's engineering and AI are focused towards understanding data and make the software interactive to help users drive their business effortlessly without any third-party assistance.

Cloud-based business solution provider HostBooks on Wednesday said it will invest Rs 35 crore in product development and business growth this year to increase customer base by four times to 2 lakh. HostBooks, which provides services through automated accounting software, has a customer base of 51,000 and plans to take the numbers to 2 lakh by the end of 2020, it said in a release.

Kapil Rana, founder, and chairman of HostBooks said the company's engineering and AI are focused on understanding data and make the software interactive to help users drive their business effortlessly without any third-party assistance. "Most of our clients are MSMEs, Chartered Accountants, Lawyers, and tax professionals," he said.

With advanced data security, the software used by HostBooks meets the security need of businesses, he added. Rana further said the company acquired 30 percent of its customers during the lockdown imposed in the country. "Our point-of-sale (POS) systems are becoming the preferred technology for retailers to improve the efficiency of their business accounting. The POS systems devices help customers save time spent on paperwork, scheduling employees, accounting, and inventories, among other important features," he added.

HostBooks enables businesses to add and assign work to users based on their expertise while also allowing them to restrict access to their company's sensitive data.