OkCredit has raised $15.5 Million (Rs 108 Crore) in series A funding round led by Tiger Global Management.
OkCredit has till now raised $17.5 Million.
Presently OkCredit application has an installation base of 1.3 million.
OkCredit a digital-based credit balance recording solution for small business has raised $15.5 Million (Rs 108 Crore) in series A funding round led by Tiger Global Management. Its existing investors Venture Highway, Lightspeed India Partners, and Y combinator participated in the funding found. OkCredit also attracted new investor Morningside Venture Capital in this funding round. OkCredit is planning to use the funds for hiring talents across products and technology department and focus on enhancing customer base by concentrating on high areas of interest of customers. The company has till now raised $17.5 Million.
OkCredit is an application-based solution, which offers merchants with reliable and simple means of keeping credit and payments records in digital mode for their businesses done on a credit basis. It reduces the burden of accounting and maintaining paper account books. It also offers the facility to send a notification to customers if any delayed or missed payment occurs.
OkCredit has also come up with a solution to trust issues between merchant and customer. It immediately informs customers a text or wattsapp as a merchant registers a transaction on the platform against a customer.
OkCredit came into action in 2017 by IIT Kanpur alumnus Gaurav Kumar, Harsh Pokharna and Aditya Prasad. Currently, OkCredit application has an installation base of 1.3 million and it is expanding its business aggressively.
About Tiger Global
Tiger Global is a New York-based investment company that deploys funds in private as well as public sector companies. It came into action in 2011 and it focuses to earn risk-adjusted returns of its investments over a long duration of time. It’s investments focuses on technology, global internet, media. Consumers, industrial sectors and telecom. It targets growth-oriented companies for investment.
It is also taking now high interest in India based startups. It is basically focusing on investing in Business to Business (B2B) companies. In 2015 Tiger Global has participated in 40 deals of Indian startups.
It is basically looking to provide funds to software-as-a-service (SaaS) firms. It’s latest investments in India include agritech startup Ninjacart, The Viral Fever (TVF) and Zenoti.
Tiger Global has recently invested $89 Million from Ninjacart and it is in its second investment in Indian startup in April month of this year. It had also participated in $26 million funding round of mobile marketing and mobile analytics startup Clever Tap. The investments in CleverTap and NinjaCart, are among the initial cohort of bets put by New York-based investor proceeding its declaration in March that it’s influential and famously reticent, partner Lee Fixel would be leaving the firm at the end of June. In March, Tiger Global also invested in the Series A funding round of Fyle a Bengaluru origin expense management startup. It has picked up 22.45% stake in the startup. It is continuously floating funds in Indian startups to assist them in nourishing their business worldwide.
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