OkCredit is a three-year-old Bengaluru-based startup that offers a digital bookkeeping app to simplify credit account management for shop owners and their customers. Its users are spread across 2,800 Indian cities and the app is available in over ten vernacular languages, including Hindi, Tamil and Telugu. The company’s core product is a digital ledger for small merchants, and it has been expanding its product lineup for small businesses and grocery shop owners. OkCredit recently entered the B2C segment with a 'nearby store' feature that lets users order groceries, medicine and other items from nearby stores via WhatsApp. It competes with firms such as Khatabook, Vyapar, BharatPe, PhonePe, Paytm and Instamojo, many of which have added digital ledger features. Financially, the firm has raised about $84 million to date in a mix of debt and equity financing, with the last institutional round in September 2019. OkCredit operates a mobile app that enables small merchants to track day-to-day purchases and sales and replace paper notebooks. The app had amassed more than 5 million active merchants across 2,000 Indian cities, and Lightspeed reported active users grew 76× since the start of the year. A wide range of merchants—from roadside vendors to grocery shop owners and pharmacies—use the service. The company says many Indian merchants still record credit in notebooks, highlighting a large addressable market for digitization. OkCredit plans to use the new capital to hire more people, grow its merchant user base, and build additional products for merchants. Competitors attempting to solve the same problem include Vyapar and KhataBook. OkCredit is a Bengaluru-based digital credit ledger startup. The company offers a digital credit ledger. According to media reports, it secured a $15.5 million Series A round led by Tiger Global. The lead investor, Tiger Global, is New York-based and is reported to be on an investment spree in India. The article does not provide operating metrics, revenue, user counts, or detailed future plans. No other investors were named in the report.

Total raised

$93M

Funding rounds

3

Latest round

Equity

Latest activity

Jun 2020