[NEWS] India’s OkCredit raises $67M to help small merchants digitize their bookkeeping – Loganspace

OKCredit, a Bangalore-basically basically based startup that enables puny retailers to digitize their bookkeeping, has raised $67 million in a novel financing round to develop its industry in the nation.

The Series B financing round for the 2-year-passe startup used to be led by Lightspeed and Tiger Global. The novel round, which follows the Series A in June, climbs OkCredit’s full elevate to $83 million.

OkCredit operates an eponymous cell app that enables retailers to abet note of their day-to-day purchases and gross sales. Ultimate month, OkCredit founders urged TechCrunch in an interview that the app had gathered over 5 million active retailers across 2,000 cities in India.

Amy Wu, a accomplice at Lightspeed US, talked about OkCredit’s active customers get hang of grown 76 cases for the reason that starting up of the year. It’s conception to be one of many fastest rising companies we’ve seen and reflects the out of the ordinary virality and network effects of the industry.” Wu added.

A large different of retailers from roadside vendors to grocery shop home owners and pharmacies get hang of joined OkCredit.

Even asbetter than 500 million customers in India these days are online, most retailers in the nation are but to digitize their industry, basically basically based on exchange estimates. They aloof rely on huge notebooks to abet a log of their transactions.

“Technology has moved from collecting funds in money, to the spend of point-of-sale machines. Extra these days, QR codes, paper bills turned to printed bills. Nonetheless the one ingredient that has not modified is the indisputable truth that most potentialities aloof take goods on credit ranking recorded in a notebook,” Harsh Pokharna, chief govt of OkCredit talked about in a statement.

Pokharna urged TechCrunch these days that the startup will spend the capital to rent extra of us and develop its merchant userbase. The startup additionally plans to originate extra merchandise for retailers.

Vyapar and Khatabook are two extra startups in India which are attempting to solve a an analogous teach.

In a statement, Harsha Kumar, a accomplice at Lightspeed, talked about, “technology adoption in India will happen across sectors and segments. For the longest time, mSME as a phase used to be not eminent nevertheless now we get hang of seen via Udaan, OkCredit and other Lightspeed investments in the SME station that tech usage is rising impulsively. Very indignant and honored to get hang of a front row seat in this jog!”