A Bengaluru-based startup company, OkCredit has announced that it has raised another USD 67 million funding in order to expand its market in the country. This includes New York-based investment fund Tiger Global with Lightspeed Venture Partners India and the US.
Lightspeed and Tiger Global have led the Series B financing round for the company. With the new startup’s Series A financing round in the month of June, climbs the companies totals raise to over USD 83 million.
Harsh Pokharna, Chief Executive Officer of OkCredit said: “Technology has moved from collecting payments in cash to using point-of-sale machines. More recently, QR codes, paper bills turned to printed bills. But the one thing that has not changed is the fact that most customers still purchase goods on credit recorded in a notebook.”
OkCredit has claimed that it is growing 100 percent every month from last six months and it has 1.7 million active merchants at present.