OkCredit is a part of the Ok network- an ecosystem of apps aimed at digitizing small and medium businesses (SMBs) across India. With technology that is simple and easy to access, OK is solving various pain points in everyday functioning of small business owners, be it tracking their accounts, managing staff at their set-up or the need to go online. Ok network's first productOkCredit was launched in 2017 by Harsh Pokharna, Gaurav Kumar and Aditya Prasad, all three of them being batchmates at IIT Kanpur. OkCredit has given a complete digital makeover to the traditional register book - 'Bahi/Udhar Khata' and made the daily bookkeeping task simpler and effective for millions of small businesses.
The app not just helps small businesses keep track of credit transactions – both payments and receivables, it sends timely reminders, and also makes it easier for them to collect and settle balance amounts quickly. The app has seen more than 20 million downloads and can be accessed in more than 10 Indian languages. Currently, it has over 5 million active monthly users which include over 100 types of businesses like kirana store owners, mobile recharge shops, medical stores, apparels amongst others. The venture has raised $83 million from investors to date including from Lightspeed Venture Partners, Tiger Global, and Y Combinator.
SME WORLD in an email interaction with Harsh Pokharna, Co-founder & Chief Executive Officer, OkCredit.
What is the basic concept behind launching OkCredit?
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