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Tiger Global, others put $15.5 m in OkCredit

With the latest financing round, OkCredit has raised more than $17 million in total. OkCredit connects small retailers with customers and suppliers digitally.

, ET Bureau|
Jun 11, 2019, 09.01 AM IST
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The company plans to expand its merchant base and create teams across verticals such as product, technology and digital banking.
BENGALURU: OkCredit, a cloud-based digital application provider for micro-merchants, has raised $15.5 million, in one of the largest Series-A funding rounds for an Indian startup.

New York-based investment fund Tiger Global led the round, with Morningside Venture Capital, Lightspeed India Partners, Venture Highway and Y Combinator participating. This is among a slew of new investments by Tiger Global over the past few months in India, as it doubles down on early-stage startups here. Tiger Global is believed to have pumped in $10 million in the Bengalurubased company, among its maiden bets in the software services space for small merchants.

With the latest financing round, OkCredit has raised more than $17 million in total. OkCredit connects small retailers with customers and suppliers digitally. Its app, which can run on a basic smartphone, helps automate all transactions of retailers with their customers and wholesalers. The company plans to expand its merchant base and create teams across verticals such as product, technology and digital banking. The startup faces competition from players like Paytm, PhonePe and BharatPe, which are aggressively trying to digitise the small merchants.

Merchants can use OkCredit’s app to track buyers’ purchases and when payments are due. They can also use the app to send payment reminders. “We also want to replicate this solution to digitise all book-keeping between the wholesaler and the retailer, which will help automate all credit, stock taking, and amount due,” said Harsh Pokharna, CEO, OkCredit.
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