The Bengaluru-based startup, OkCredit has secured $67 million (approx ₹475 crore) as part of its Series B fund from Lightspeed and Tiger Global. OkCredit provides merchants with an eponymous mobile app to keep track of their day-to-day purchases and sales.
Lightspeed has been investing in the SME segment in India for years now, and we deeply appreciate how complex user acquisition is for this segment. OkCredit represents a rare breed of companies that are discovering digital and viral growth in a market where, traditionally, feet-on-street was the only acquisition strategy. – Lightspeed India said.
The Series B financing round is followed by the Series A funding in June. With all fundings, OkCredit has raised a total of over $83 million in just a last few months. The app counts a registered base of over 6.5 million merchants today and has grown “100X” since January this year. They claim to be witnessing nearly 4 million monthly active sessions on the app in recent months.
Founded in 2017 by Harsh Pokharna, Gaurav Kumar, and Aditya Prasad; it digitizes their transactions and records payment reducing the burden of accounting and maintaining paper account books.
The startup employs an easy-to-use smartphone interface; facilitate SMS alerts on purchase transactions. A wide range of small merchants, roadside vendors, grocery shop owners, and pharmacies have joined OkCredit.