Digital bookkeeping startup OkCredit has received Rs 80 crore in an equity funding round from its California based parent entity OkTech Inc. This is the second tranche received by OkCredit from the holding entity after it got $1 million convertible debt in July last year.
According to regulatory filings, the Bengaluru-based company has allotted 300 equity shares at an issue price of Rs 26.62 lakhs per share to OkTech Inc on the right issue basis to receive the total consideration of Rs 80 crore.
The fresh capital would be utilized towards funding its growth and business operations.
As far as total fundraising is concerned, OkCredit has raked in around $96 million capital in a mix of debt and equity financing rounds to date. The last round came in September 2019 when the Harsh Pokharna-led firm had secured $67 million worth Series B funding led by Tiger Global.
The three-year-old OkCredit simplifies credit account management for shop owners and their customers in tier II, tier III, and beyond cities. Currently, its users spread across 2,800 Indian cities. The app is available in over ten vernacular languages, including Hindi, Tamil, Telugu, and others.
Apart from the existing business model, OkCredit has been on the lookout for expanding its product lineup for small businesses and grocery shop owners. After focusing only on B2B, it has recently entered the B2C segment by launching a new feature called ‘nearby store’. These stores allow users to order groceries, medicine, and other items from stores in their vicinity via WhatsApp.
Entrackr had exclusively reported about the nearby store launch on June 4.
OkCredit competes with Khatabook, Vyapar, BharatPe, PhonePe, Paytm, Instamojo among others, which have also enabled a digital ledger feature on their platforms. Last month, Khatabook raked in $60 million in a Series B round led by B Capital.