OKCredit, a Bangalore-based startup that allows small retailers to digitize their bookkeeping, has raised $67 million 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 financing spherical in June, climbs OkCredit’s whole elevate to $83 million.
OkCredit operates an eponymous cell 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 over 5 million lively retailers throughout 2,000 cities in India.
A variety of retailers from roadside distributors to grocery store house owners and pharmacies have signed up for OkCredit, they mentioned.
Whilst greater than 500 million customers in India right now are on-line, most retailers within the nation are but to digitize their companies, in response to business estimates. They nonetheless depend on massive notebooks to maintain a log of their transactions.
“Expertise has moved from amassing funds in money, to utilizing point-of-sale machines. Extra not too long ago, QR codes, paper payments turned to printed payments. However the one factor that has not modified is the truth that most clients nonetheless buy items on credit score recorded in a pocket book,” Harsh Pokharna, chief govt of OkCredit mentioned in an announcement.
Pokharna advised TechCrunch right now that the startup will use the capital to rent extra individuals and develop its service provider userbase. The startup additionally plans to construct extra merchandise for retailers.
Vyapar and Khatabook are two extra startups in India which can be trying to resolve an identical downside.
In an announcement, Harsha Kumar, a associate at Lightspeed, mentioned, “expertise adoption in India will occur throughout sectors and segments. For the longest time, mSME as a section was ignored however we now have seen via Udaan, OkCredit and different Lightspeed investments within the SME area that tech utilization is rising quickly. Very excited and honored to have a entrance row seat on this journey!”