OkCredit is an India-based startup. The startup enables small merchants to digitize their bookkeeping. Today, September 15, OkCredit raises $67 million in a new financing round. It aims to grow its business across the country.
The financing round for OkCredit was led by Lightspeed and Tiger Global. The new round, which follows the Series A in June, increases OkCredit’s total raise to $83 million.
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OkCredit
OkCredit launched in 2017. It operates an eponymous mobile app that allows merchants to keep track of their day-to-day purchases and sales. Last month, OkCredit founders mentioned that the startup’s app had gained more than 5 million active merchants across 2,000 cities in India.
That makes OkCredit’s active users have grown 76 times since the beginning of the year. It’s one of the fastest-growing companies.
Besides it also reflects the incredible virality and network effects of the business.
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OkCredit has various merchants as its customers. It ranges from roadside vendors to grocery shop owners and pharmacies.
India now possesses more than 500 million online active users. However, most merchants in the nation are yet to digitize their business, according to industry estimates. They still rely on large notebooks to keep a log of their transactions.
Even when technology has moved from collecting payments in cash to using point-of-sale machines, many India customers still purchase goods on credit recorded in a notebook.
Therefore, OkCredit still can gain huge number of customers.
Moreover, the startup adds that it will use the capital to hire more people and grow its merchant user base. The startup also plans to build more products for merchants.
Currently, India has two other startups, Vyapar and KhataBook, that aims to solve similar problems. Yet, OkCredit still leads the competition, up to today.
