OkCredit

In India, a significant portion of the economy relies on informal credit, with over 50 million small and medium-sized businesses (SMBs) engaging in this practice. These businesses dedicate substantial time to manually tracking, reconciling, and collecting credit, a process that can be both time-consuming and inefficient.

These 50 million SMBs collectively contribute approximately 40% to India's GDP. A considerable 60% of their sales are conducted on credit, representing a staggering $500 billion, or 24% of the nation's GDP, managed through traditional paper-based methods.

OkCredit was founded to address the critical challenge of credit recovery within the MSME sector. As pioneers, they developed a bookkeeping application designed to enable merchants in even the most remote areas with internet access to digitally record their transactions. This application facilitates the tracking of credit extended to customers and suppliers. With OkCredit, merchants can monitor credit limits, send reminders, and expedite collections from their customers. The company's overarching vision is to transition data-dark merchants onto a digital platform, transforming how MSMEs record transactions and simplifying their operations.