Lightspeed, Tiger lead $67m Series B for India's OkCredit

Morningside Venture Capital, Venture Highway, and Y Combinator also participated. It comes three months after a $15.5 million Series A led by Tiger.

OkCredit is a mobile-based service for that helps small-scale merchants reduce paperwork and accounting burdens by digitally organizing credit and payment records. The company serves clients in both B2C and B2B verticals in tier-one to tier-four cities across India.

Amy Wu, a partner at Lightspeed, claims the company has grown 76x since the beginning of 2019, achieving a network of 6.5 million merchants. “OkCredit represents a rare breed of companies that are discovering digital and viral growth in a market where traditionally, feet-on-street was the only acquisition strategy,” she said in a statement.

Wu added that support for India’s small to medium-sized enterprise (SME) sector was an important part of the investment rationale. This sector is estimated to include about 30 million businesses, which account for 45% of industrial output and 40% of exports.

Lightspeed closed its second India fund last year at $175 million with mandate largely focused on fintech and B2B business models.

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• Topics
• South Asia
• Financials
• Technology
• Early-stage
• India
• Lightspeed Venture Partners
• Tiger Global Management
• Financial Services
• SME