Biography of Mohnish Katre: Founder and CEO of ProfitBooks- Entrepreneur
Biography of Mohnish Katre:
Early Aspirations and Education
Mohnish Katre's journey into the world of finance began with
his academic pursuits. Enrolling in the Institute of Chartered Accountants of
India, he undertook the rigorous path to becoming a Chartered Accountant,
completing his studies between 2002 and 2005. His academic journey was
complemented by additional financial qualifications, including passing Level 1
of the CFA exam in 2006. Mohnish's educational background was further enriched
by his Master's and Bachelor's degrees in Commerce from Savitribai Phule Pune
University and Amravati University, respectively.
The Initial Career Choice
Upon completing his Chartered Accountant qualification at
the young age of 21, Mohnish faced a pivotal career decision. He had several
opportunities laid out before him, including high-profile roles abroad and
within major IT companies in India. Despite these appealing offers, Mohnish
felt a disconnect with traditional finance roles. His curiosity and passion for
capital markets and business models led him to seek opportunities that aligned
better with his interests, particularly in equity research.
Taking a Risk for Passion
Mohnish's determination to follow his passion led him to a
role in equity research, albeit at a significantly reduced salary compared to
industry standards. This decision was driven by his keen interest in financial
modeling and business valuations. Although it was a challenging time,
especially during the 2008 financial crisis, Mohnish embraced the opportunity
with enthusiasm, which allowed him to develop valuable skills in analysis and
research.
Venturing into Corporate Finance
In 2008, amid the global financial turmoil, Mohnish took a
bold step by quitting his job to establish his own venture, Finkoi. The company
focused on providing corporate finance services to SMEs, including working
capital management, business valuation, and debt fundraising. The initial phase
of starting Finkoi was fraught with challenges, but Mohnish's perseverance and
networking efforts gradually helped him build a client base and establish the
firm.
Identifying a Gap in the Market
During his tenure with SMEs, Mohnish observed a significant
gap in affordable and effective financial management solutions for smaller
businesses. This observation was further solidified when one of his clients
struggled with outdated accounting systems. This problem led Mohnish to
consider the potential for a cloud-based accounting solution that could address
the needs of SMEs without the high costs associated with traditional systems.
The Birth of ProfitBooks
In 2012, inspired by the need for a cost-effective solution,
Mohnish collaborated with his tech-savvy brother Harshal and friend Naveen
Thota to develop ProfitBooks. This cloud accounting application was designed to
be user-friendly and affordable, targeting small and medium businesses that
needed a comprehensive yet simple financial management tool. Within months, the
initial version of ProfitBooks was launched, and it quickly gained traction
among users.
Biography of Mohnish Katre: Founder and CEO of ProfitBooks- Entrepreneur /Age/Net worth/Wife/white-label solution for larger firms/ProfitBooks story
Overcoming Early Challenges
The early days of ProfitBooks were promising, but Mohnish
and his team faced numerous challenges, including market penetration,
fundraising, and team building. Despite these hurdles, they continued to refine
their product and strategy. Their efforts paid off as they successfully
navigated these obstacles, gradually establishing ProfitBooks as a significant
player in the cloud accounting space.
Adapting to Regulatory Changes
A major challenge for ProfitBooks came with the introduction
of GST in India. From late 2016 to mid-2017, Mohnish and his team worked
tirelessly to integrate GST compliance features into ProfitBooks. This period
was marked by confusion and frequent changes in tax regulations, which required
significant adjustments to the software. Despite the complexities, they
remained committed to delivering a solution that met the new requirements.
Expanding the Offerings
Between 2017 and 2019, ProfitBooks continued to evolve. The
company introduced a white-label accounting solution tailored for large-scale
bookkeeping firms and fintech companies serving SMEs. This expansion was part
of Mohnish's broader strategy to offer versatile solutions that could cater to
different segments of the financial services market.
Networking and Growth
Alongside his work with ProfitBooks, Mohnish became a member
of BNI Global in 2016, leveraging this platform for networking and business
referrals. His involvement with BNI helped him build valuable connections and
grow his professional network, which was instrumental in expanding ProfitBooks'
reach and influence.
Balancing Ventures and Advisory Roles
Mohnish’s career also included a role as an advisor at RCS
Advisors India, where he worked on fundraising and financial strategies for
clients in various industries. This position complemented his entrepreneurial
endeavors by enhancing his expertise in capital structuring and strategic planning.
Early Career in Financial Research
Before his entrepreneurial journey, Mohnish gained
experience as a Research Analyst at Wealth Managers India Pvt. Ltd., where he
focused on financial analysis and valuation. This role allowed him to refine
his analytical skills and understand market dynamics, laying the groundwork for
his future ventures.
Founding Finkoi
In 2008, amidst the global financial crisis, Mohnish founded
Finkoi, a financial advisory firm specializing in corporate finance services.
The venture aimed to assist SMEs with capital structuring, strategic planning,
and fund raising. Despite initial challenges, Mohnish’s dedication and
persistence led to the firm’s growth and success.
Embracing Cloud Technology
Recognizing the limitations of existing accounting systems
for SMEs, Mohnish and his team developed ProfitBooks to provide an affordable,
cloud-based solution. The application was designed to simplify accounting,
inventory management, and payroll processes for small businesses, offering a
practical alternative to expensive, complex systems.
Reflections on Entrepreneurial Challenges
Mohnish’s journey underscores the importance of persistence
and adaptability in entrepreneurship. Despite facing significant challenges,
including financial constraints and market competition, his commitment to
solving real-world problems and his willingness to take risks have been crucial
to his success.
The Path Forward
Looking ahead, Mohnish remains focused on expanding
ProfitBooks and continuing to support SMEs with innovative financial solutions.
His experience and insights from over a decade in finance and entrepreneurship
drive his vision for the future, aiming to enhance the financial management
landscape for small businesses worldwide.
Concluding Thoughts
Mohnish Katre’s story is a testament to the power of
passion, resilience, and innovative thinking. From his early days as a
Chartered Accountant to his current role as a co-founder of ProfitBooks, his
journey reflects a deep commitment to improving financial practices for SMEs.
His efforts in developing practical, affordable solutions continue to make a
significant impact in the world of cloud accounting and financial management.
Timeline of Mohnish Katre's Journey
2002-2005: Completed Chartered Accountant qualification at
the Institute of Chartered Accountants of India.
2006: Passed Level 1 of the CFA exam.
2008: Founded Finkoi amidst the global financial crisis.
2008: Joined Equity Research despite lower salary.
2012: Launched ProfitBooks with his brother and friend.
2016: Became a member of BNI Global for networking.
2016-2017: Integrated GST compliance features into
ProfitBooks.
2017-2019: Expanded ProfitBooks with a white-label solution for larger firms.
2024: Continues to drive ProfitBooks' expansion and
innovation.
