OKCREDIT RAISES $67M, For Small Business Digitization!

INDIAN-BASED STARTUP ‘OKCREDIT RAISES $67M’ TO ENABLE SMALL BUSINESS DIGITIZE THEIR SALES RECORDING

Indian OkCredit raises $67m, an eponymous solution startup that focuses on small scale business owners and their customers in digitizing their sales records, while the newly raised fund is aimed at expanding its business within the country. However, the startup provides merchants with an easy and reliable platform that helps to keep credit and payment records for business activities carried out on a credit basis.

OkCredit is based in Bangalore – India, which operates an eponymous mobile application that lets a scale small business to stay on top of their day-to-day transactions. While it’s understood, the second series of its financial funding was led by Lightspeed and Tiger Global, however, merging the first series (series A) previously raised by OkCredit brings its total fund realized to $83 million.

Before OkCredit raised $67m, it was reported that the company has grown 76 times from the first month of this year 2019. Confirming this, a partner at US Lightspeed, Amy Wu said, “It’s one of the fastest–growing companies we’ve seen and reflects the incredible virality and network effects of the business”.

In another interview with the Founders of OkCredit, it was told Techcrunch that the app is currently accessed by over 5 million active merchants across 2,000 cities in India. However, merchant users of OkCredit app range from roadside vendors, pharmacies and grocery shops. 

Comparing the number of the app user with non-subscribers of OkCredit service, according to statistics, it was proven that most merchants in the country are yet to digitize their business. But still, rely on the old ways of using notebook. However, ‘Harsh Pokharna’ the chief executive of OkCredit made it clear in a statement that,

“Technology has moved from collecting payments in cash to using point-of-sale machines. More recently, QR codes, paper bills turned to printed bills. But the one thing that has not changed is the fact that most customers still purchase goods on credit recorded in a notebook”.  

The chief executive of OkCredit, also promised that the company will practically use the fund raised to hire more workers in order to enhance its user-base, and in turn develop more products for its merchants. 

Lastly, it only requires a few clicks on your mobile phone to become one of OkCredit users, the company site explained.

• What is your take as OkCredit raises $67m?