OkCredit, a Bangalore-based startup that permits small retailers to digitize their bookkeeping, has raised $67 million in a brand new financing spherical to develop its enterprise within the nation.
The Sequence B financing spherical for the two-year-old startup was led by Lightspeed and Tiger International. The brand new spherical, which follows the Sequence A in June, will increase OkCredit’s complete increase to $83 million.
OkCredit operates an eponymous cellular app that enables retailers to maintain observe of their day-to-day purchases and gross sales. Final month, OkCredit founders advised TechCrunch in an interview that the app had amassed greater than 5 million lively retailers throughout 2,000 cities in India.
Amy Wu, a accomplice at Lightspeed US, mentioned OkCredit’s lively customers have grown 76 instances because the starting of the 12 months. It’s one of many fastest-growing firms we’ve seen and displays the unimaginable virality and community results of the enterprise,” Wu added.
A variety of retailers, from roadside distributors to grocery store house owners and pharmacies, have joined OkCredit.
Whilst greater than 500 million customers in India at the moment are on-line, most retailers within the nation are but to digitize their enterprise, based on trade estimates. They nonetheless depend on massive notebooks to maintain a log of their transactions.
“Expertise has moved from accumulating funds in money, to utilizing point-of-sale machines. Extra just lately, QR codes, paper payments turned to printed payments. However the one factor that has not modified is the truth that most prospects nonetheless buy items on credit score recorded in a pocket book,” Harsh Pokharna, chief government of OkCredit mentioned in an announcement.
Pokharna advised TechCrunch at the moment that the startup will use the capital to rent extra folks and develop its service provider person base. The startup additionally plans to construct extra merchandise for retailers.
Vyapar and KhataBook are two extra startups in India which might be making an attempt to resolve the same downside.
In an announcement, Harsha Kumar, a accomplice at Lightspeed, mentioned, “expertise adoption in India will occur throughout sectors and segments. For the longest time, mSME as a phase was ignored however we’ve got seen via Udaan, OkCredit and different Lightspeed investments within the SME house that tech utilization is rising quickly. Very excited and honored to have a entrance row seat on this journey!”