Total amount raised
$84.2 Millions
Latest funding date
8/1/2021
Location
OkCredit has successfully raised funding through multiple rounds, with notable investors including Google for Startups and Lightspeed India Partners. The platform offers a digital ledger app that simplifies credit and payment transactions for small business owners.
Keep reading to explore the details of OkCredit's funding journey and the investors who believe in its potential.
What Is OkCredit?
OkCredit, founded in April 2017, is based in Kormangala, Karnataka, India. The company was established by Gaurav Kumar, Harsh Pokharna, and Aditya Prasad.
OkCredit offers a digital ledger app that simplifies credit and payment transactions for small business owners. The app, known as "OkCredit Udhar Bahi Khata," supports multi-language communication, automated collection reminders, and secure data backup.
With a team of 101-250 employees, OkCredit continues to expand its reach, providing essential financial management tools to businesses across India.
How Much Funding Has OkCredit Raised?
- Seed Round
- Amount Raised: $1.7M
- Date: August 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development and initial deployment of the OkCredit app.
- Series A
- Amount Raised: $15.5M
- Date: June 2019
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the app's features for a broader user base.
- Series B
- Amount Raised: $67M
- Date: September 2019
- Lead Investors: Lightspeed India Partners, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and business reach across India and develop additional products.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: August 2021
- Lead Investors: Google for Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and resources from Google for Startups.
Total Amount Raised: $84.2M. Current Valuation: Not publicly disclosed.
Key Investors
- Google for Startups
- Details: Google for Startups is a global initiative by Google that supports startups through various programs, resources, and partnerships. It aims to help startups grow by providing access to Google's network, technology, and best practices.
- Investment Focus Areas: Technology, innovation, mentorship.
- Notable Investments: Airbnb, Stripe, Uber.
- Lightspeed India Partners
- Details: Lightspeed India Partners is a venture capital firm that invests in early and growth-stage companies in India. The firm is part of the global Lightspeed Venture Partners network.
- Investment Focus Areas: Technology-driven businesses, consumer internet, enterprise software, financial services.
- Notable Investments: OYO Rooms, Byju's, Udaan.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on private and public companies in the global Internet, software, consumer, and financial technology industries. The firm has a strong track record of backing high-growth companies.
- Investment Focus Areas: Global Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
What's Next for OkCredit?
OkCredit stands at the cusp of significant growth opportunities, driven by the increasing digitization of financial services in India. With over 5 million active merchants across 2,000 cities, the potential for expanding its user base is immense. The company aims to leverage its recent $67 million Series B funding to enhance its product offerings and broaden its reach, positioning itself as a key player in the fintech space.
Future fundraising efforts could see OkCredit attracting more investors, possibly leading to Series C and beyond. However, the company must navigate challenges such as intense competition and the need for robust data security measures. As the fintech landscape evolves, OkCredit's ability to adapt and innovate will be crucial for sustained success.
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