Simple and secure bookkeeping for Indian businesses.
Today, over 50 million SMBs issue informal credit in India, This is a hugely manual process which they spend hours tracking, reconciling, and collecting! The 50M SMBs in India account for 40% of the nation’s GDP. As much as 60% of their sales happen on credit. That’s ~24% of the country’s GDP (500B$) lying on paper! OKCREDIT as a company came into existence to start solving the most important problem of credit recovery in MSMEs. We as first movers developed a bookkeeping app that would help any merchant sitting at the remotest corner of the country with internet connectivity to record his transactions digitally. We helped them track the credit given to their customers and suppliers. With our Okcredit app a merchant can track the amount of credit given, monitor credit limit, send reminders and eventually can collect faster from their customers. So as a company our vision was to bring the data dark merchants onto the digital platform. We have changed the way the MSMEs record the transactions and eased their life today.
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What is the core problem you are solving? Why is this a big problem? What made you decide to work on it?
- Recovery of credit - MSMEs businesses run on a credit system. To run their business and sustain in the market they need to provide goods/services on credit, but recovery of this credit is the key challenge. 2. Working capital for the business - It’s difficult to get credit at a cheaper rate, you need to prove your credit worthiness to secure loans or provide collaterals to get loans.Most of the MSMEs are unserved, unidentified and underserved segments in an economy like India.3. Demand for customers - Due to the booming e-commerce market and pandemic situation , there is a paradigm shift in the purchasing habits. Most of the customer base has moved towards online purchases/transactions. Traditional merchants are facing tough competition to convert these customers.