OkCredit, a mobile based solution for small business owners, based out of Bengaluru, has raised $15.5 million (approx ₹75 crore) in one of the largest series-A funding rounds led by Tiger Global. Other participants in the funding round were Morningside Venture Capital, Lightspeed India Partners, Venture Highway and Y Combinator.
The cloud-based digital application provider for micro-merchants company plans to use the infuse funds to expand its merchant base and create teams across verticals such as product, technology and digital banking. It is one of the largest Series-A funding rounds for an Indian startup so far.
“We also want to replicate this solution to digitise all book-keeping between the wholesaler and the retailer, which will help automate all credit, stock taking, and amount due,” said Harsh Pokharna, CEO at OkCredit.
OkCredit, founded by Harsh Pokharna, Gaurav Kumar, and Aditya Prasad, 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.
The ability to provide an on-demand visibility of the merchant’s record to the customers is possible for the first time.
While, Tiger Global is a New York-based investment fund and this is among a slew of new investments by Tiger Global over the past few months in India, as it doubles down on early-stage startups here.
Tiger Global is believed to have pumped in $10 million in the Bengaluru based company, among its maiden bets in the software services space for small merchants.
With the latest financing round, OkCredit has raised more than $17 million in total.
The startup faces competition from players like Paytm, PhonePe and BharatPe, which are aggressively trying to digitise the small merchants.