Fintech startup OkCredit, which is backed by marquee investors including Tiger Global and Lightspeed, swung into the spotlight after a recent report that it was in merger and acquisition talks with other venture capital-backed companies including its rival Khatabook.
In this VCCircle Podcast, OkCredit co-founder and CEO Harsh Pokharna said the startup saw its user base recover after an initial blip during the lockdown the government imposed in March to control the coronavirus pandemic.
The company recorded transactions worth $7 billion from 5.5 million active merchants in September, surpassing pre-COVID-19 levels.
Pokharna also said that the company has initiated efforts at monetisation and has a sufficient capital runway.
OkCredit had raised $67 million in its Series B round of funding led by Tiger Global and Lightspeed in September last year.
OkCredit, operated by Psi Phi Global Solutions Pvt. Ltd, connects small business owners, suppliers and customers, and enables them to record credit and payment transactions.
Khatabook, too, allows small- and medium-sized merchants to record and track business transactions. It raised $60 million earlier this year in a Series B funding round led by Facebook co-founder Eduardo Saverin’s investment firm B Capital. Its other investors include RTP Global, Falcon Edge Capital, Unilever Ventures and Sequoia Capital India.