OkCredit, an Indian credit management platform for small and medium-sized merchants, has raised $67 million in its Series B funding round as it plans to expand its client base.
The Bengaluru-based startup secured funding from existing investors Lightspeed India and Tiger Global.
This is the second time the two funds have invested in OkCredit, having already committed in its $15.5 million Series A round alongside Morningside Venture Capital and Venture Highway three months ago.
Two-year-old OkCredit helps small and medium-sized merchants digitise their book of credit through its mobile app. Users are able to track their daily purchases and sales online instead of relying on logbooks to record their transactions.
The app includes features like SMS notification on purchases as well as auto reminders for product collections. It has so far amassed 6.5 million users.
OkCredit is riding on India’s rapid digitisation as smartphones become increasingly affordable in the country. Nevertheless, many merchants still use traditional methods of bookkeeping, particularly in smaller cities and rural areas.
“The one thing that has not changed is the fact that most customers still purchase goods on credit recorded in a notebook,” company founder Harsh Pokarna said in a statement.
OkCredit will use funds to introduce its product to a larger merchant base, Pokarna said. That will include hiring more software developers to improve services provided through its app.
