Bookkeeping App OKCredit on Its Journey of Building 5.5

Bookkeeping App OKCredit on Its Journey of Building 5.5

Notapor miniming » Jue 18. Feb 2021, 09:44

Bookkeeping App OKCredit on Its Journey of Building 5.5 Million Active Users


OKCredit recorded around $7.5 billion (roughly Rs. 54,739 crores) worth of transactions in the month of October.

OKCredit, a bookkeeping app that aims to digitise accounting for small businesses in India, has come a long way in three years. Founded in 2017, the app enjoys over 5.5 million active users with around $7.5 billion (roughly Rs. 54,739 crores) worth of transactions recorded in the month of October. In this space, OKCredit has stiff competition from Khatabook, which achieved 10 million downloads through word of mouth within merchant networks within a year of its launch. However, OKCredit has been growing at a steady pace, OKCredit CEO and co-founder Harsh Pokharna asserts, with the company expecting its active user base to grow around 18-20 percent in this fiscal.

The OKCredit app is available free of cost on Google Play and App Store both. The company acquired seed capital from Lightspeed Venture Partners recently that should help scale customer base even more.

Expert opinion: PN Sudarshan, Partner, Deloitte India says, “SaaS as a business model has proved effective in the digitization of small and medium enterprises around the world. India is an important market both from a supply and demand perspective. SaaS revenues in India have reached $3.5 billion as of FY2020 with 75 percent coming from global sales. From a demand perspective, India is going through mass digitization, which brings industry value chains into the digital fold enabling shared information exchange across the supply chain. Small and medium enterprises are an integral part of our manufacturing and services industries in India, and to truly achieve the potential of mass digitization, it is necessary that small and medium enterprises access enterprise-level software provisioned at flexible pricing models. SaaS as a business model is definitely well-positioned to catalyse this change and cost-effective digital tools would help us move from a ‘data-poor' to ‘data-rich' economy. The current COVID-19 pandemic has catalysed the rate of technology adoption across industries. In this context, SaaS as a business model can witness increased adoption, as flexibility and affordability becomes a key for enterprises to manage the pandemic response and thrive in the changing market dynamics.”

We spoke to CEO and Co-Founder of OKCredit, Harsh Pokharna to know how the company plans to tackle competition and its future plans.

1.What were you doing before OKCredit was brought to life?

After graduating from IIT Kanpur in 2014, I and Gaurav took up a job at Flipkart. My friend and batchmate Aditya Prasad who is also the co-founder and CTO of OkCredit went on to work with a data company called Fuzzy Logix. The start-up ecosystem was just getting established in India and the three of us wanted to do something of our own. We built a few apps which did not work and even tried our hand at blockchain. In 2017, out of our own personal experience, we started OkCredit.

2. What was the conceptualization process behind OKCredit? When was it that you finally decided you want to start OKCredit?

We had a first-hand feel of the problem and that immensely helped us build a product that would solve problems not just for the SMBs but also his customers. While living in Bengaluru, we used to buy from this grocery store opposite our apartment. Once we went to the store to settle our month-end credit balance and we were astounded by the shopkeeper's painful process of taking out each bill and calculating it up. The process was fraught with error and manipulation and wasted a lot of time, both for the customers and these shop owners. That's when we decided that there was a need to make this transaction simple and smooth, giving birth to our idea of OkCredit.

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Re: Bookkeeping App OKCredit on Its Journey of Building 5.5

Notapor ducklife » Mar 23. Feb 2021, 04:41

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