Fintech startup OkCredit raises $67 million in Series B round from Lightspeed and Tiger Global

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

OkCredit, a fintech startup, has secured $67 million (approx ₹475 crore) as part of its Series B fund from Lightspeed and Tiger Global.

With this round, the total fund raise for OkCredit raises over $83 million (approx ₹588 crore).

Harsha Kumar, Partner, Lightspeed India, said, “Lightspeed has been investing in the SME segment in India for years now and we deeply appreciate how complex user acquisition is for this segment. 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. We are fortunate to witness this transition along with a team that is deeply connected to its customers and is solving with a first principles approach to product development.”

OkCredit was founded by Harsh Pokharna, Gaurav Kumar, and Aditya Prasad in 2017. It 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.

According to the startup, in India, most purchases at neighborhood grocery stores are made on credit in which the store owner sends one of his employees to collect payments at the customers’ doorsteps or during one of their regular visits to the store. And in spite of proliferation of digital payment instruments and POS machines, the fact that most customers still purchase goods on credit recorded in a notebook hasn’t changed in India.

Also, the founder of the Bengaluru-based startup claimed that the company has a registered base of 7 million merchants. They claims to be witnessing nearly 4 million monthly active sessions on the app in the recent months.

Some of the emerging faces int the fintech domain include PaytmPhonePe , BharatPe, Google Pay, Amazon Pay and many more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

UK lawmakers back Johnson’s Brexit deal, but want more time

London, Oct 23 (IANS) UK Prime Minister Boris Johnson managed to garner the preliminary support of Parliament for his...

US stocks close lower amid earnings

New York, Oct 23 (IANS) US stocks closed lower as investors digested a batch of corporate earnings reports.On Tuesday, the Dow Jones Industrial...

Tusk to recommend EU27 to grant extension for Brexit

Brussels, Oct 23 (IANS) Donald Tusk, the President of the European Council, said that he would recommend the 27 member states of the European...

Julie Andrews says therapy saved her life

Los Angeles, Oct 23 (IANS) Veteran actress Julie Andrews has opened up about therapy. She says it saved her life, in a way.She spoke...

US dollar rises amid falling sterling

New York, Oct 23 (IANS) The US dollar appreciated in late trading amid declining sterling on the backdrop of renewed Brexit fears.British Prime Minister...
- Advertisement -

More Articles Like This