Through digitization, OkCredit reduce the burden of keeping and accounting merchant account book paper. It also allows them to send a collection notice to the customer in terms of delayed or missing payments.
To address the issue of trust, once a merchant registers on the platform of the customer’s transactions, they are immediately notified via text or WhatsApp.
OkCredit application is launched on Google PlayStore in November 2017.
Co-founder Harsh Pokharna say they build applications while sitting at their neighborhood grocery store owner and observe the challenges she faced with the daily accounting.
Finally, a startup that is part of a batch of summer 2018 YCombinator and collect money from the US-based seed accelerator during the pre-Series A round of $ 1.7 million.
Participation see round of LightSpeed India Partners, Venture Highway, Y Combinator, along with other angels. In January 2018, OkCredit take $ 300,000 seed investment from Lightspeed India Partners. Posting the Series A funding in June 2019, the founders said capital will be used primarily for scaling up of the team and employ all functions, including product and technology. Furthermore, OkCredit will use the funds to develop a customer base with a focus on aspects of customer stickiness.