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OkCredit raises another $67 million from Tiger, Lightspeed, Technology News, ETtech

OkCredit raises another $67 million from Tiger, Lightspeed
OkCredit, a cloud-based digital application provider for small and medium-sized merchants, has raised another $67 million from existing investors Lightspeed Venture Partners India and US, and Tiger Global just three months after mopping up one of the largest Series A rounds. This takes OkCredit’s total fundraise over the past few months to $83 million.

OkCredit lets small business owners and their customers record credit and payment transactions digitally. Its app, which can run on a basic smartphone, helps automate the transactions of retailers with their customers and wholesalers. The company claims it’s been growing 100% every month for the past six months, with more than 1.7 million active merchants.

OkCredit competes with Sequoia Capital and InfoEdge-backed KhataBook and IndiaMART-backed Vyapar. These companies digitise transactions of small merchants and help in the recovery of credit while reducing the need to maintain paper account books. As it expands, OkCredit is also fighting for the same merchant base that uses apps like BharatPe, Paytm and PhonePe and is aggressively trying to digitise small merchants.

In India, close to 40% of sales at a neighbourhood store are made on credit. However, over the past few years, technology has slowly penetrated and been adopted by this merchant base.

“Technology has moved from collecting payments in cash to using POS (point of sale) machines… But the one thing that has not changed is the fact that most customers still purchase goods on credit recorded in a notebook,” said OkCredit’s cofounder Harsh Pokharna.

“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,” said Harsha Kumar, partner at Lightspeed India. For every paid acquisition, two organic merchants join the platform, the company said.

In August, OkTech Inc, the parent company based in Delaware, brought in Rs 35.4 crore in share capital, regulatory filings showed. The company was founded in 2017 by Pokharna, Gaurav Kumar and Aditya Prasad.

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