OkCredit, a fintech startup, has secured $67 million (approx ₹475 crore) as part of its Series B fund from Lightspeed and Tiger Global.
With this round, the total fund raise for OkCredit raises over $83 million (approx ₹588 crore).
Harsha Kumar, Partner, Lightspeed India, said, “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. We are fortunate to witness this transition along with a team that is deeply connected to its customers and is solving with a first principles approach to product development.”
OkCredit was founded by Harsh Pokharna, Gaurav Kumar, and Aditya Prasad in 2017. It is based out of Bengaluru that provides merchants with a simple and reliable means of keeping credit and payments records for their business carried out on credit basis.
It digitizes their transactions and records payment reducing the burden of maintaining and accounting paper account books.
According to the startup, in India, most purchases at neighborhood grocery stores are made on credit in which the store owner sends one of his employees to collect payments at the customers’ doorsteps or during one of their regular visits to the store. And in spite of proliferation of digital payment instruments and POS machines, the fact that most customers still purchase goods on credit recorded in a notebook hasn’t changed in India.
Also, the founder of the Bengaluru-based startup claimed that the company has a registered base of 7 million merchants. They claims to be witnessing nearly 4 million monthly active sessions on the app in the recent months.
Some of the emerging faces int the fintech domain include Paytm, PhonePe , BharatPe, Google Pay, Amazon Pay and many more.