OKCredit : Solving Accounting Problems Of Indian MSMEs


For MSMEs and their clients, OkCredit is a mobile business bookkeeping program that permits advanced account of credit/installment exchanges all through India. Brutal Pokharna, Gaurav Kumar, and Aditya Prasad kicked it off in 2017.

The organizers of Bengaluru-based startup OkCredit might not have expected the pandemic in 2017, however they were set up to place their trust in creating computerized mobile bookkeeping answers for MSMEs. IIT Kanpur graduates Harsh Pokharna, Gaurav Kumar, and Aditya Prasad regularly interfaced with neighborhood markets and found that businesspeople would do the vast majority of their paper bookkeeping.

It required some investment to count, the technique was inclined to human blunder, and it was anything but difficult to lose the small pieces of paper. This drove them in 2017 to dispatch OkCredit, a free, computerized based entrepreneurs credit balance following arrangement.

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The record of the little trader additionally contains records of credit exchanges or things sold using a loan to an ordinary client of a dealer that settles month to month or every other month accounts. The technique for settling credit installments, in any case, is careful and if the exchange isn’t accounted for with the right time and date stamps, the trader could wind up losing cash.

This is additionally where OKCredit steps through SMS and WhatsApp joining to tackle the issue. The dealer makes an impression on their every day customer any time a credit exchange is made. Utilizing a website page association that likewise offers a month to month breakdown of credit exchanges, the end-client can likewise show their unpaid offset with that particular retailer.

OkCredit as of late dispatched OkShop, an online commercial center for little vendors who can view and arrive at customers with their merchandise and offers. OkStaff, a staff and finance the executives program for bigger associations that utilize a labor force, has likewise been created.

The USP of OkCredit is that its merchandise are clear, secure, and mechanically progressed. It runs on a straightforward cell phone and robotizes retailers’ business exchanges with clients and wholesalers.

OkCredit, which has raised recently over $84 million, cases to have had in excess of 3,000,000 exchanges on the stage each day. It has 5.5 million dynamic clients and has seen $7.5 billion worth of exchanges enlisted in October 2020.

It’s a daunting task to work with MSME clients, and difficulties are predominant, particularly in the advanced accounting field. Organizations, for example, OkCredit face the test of moving the attitudes of shoppers from traditional accounting exercises to grasping innovation and advanced stages.

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In growing simple bookkeeping programming for little organizations, new companies, for example, Vyapar and KhataBook have made significant advances. For quite a while, existing players, for example, Tally, Intuit, and Zoho have likewise been in the game and are on the whole competing for a generally $85 billion occasion to digitize Indian MSMEs.

In the current circumstance, where banks can be less willing or are reluctant to pay, the opportune installment alert is especially helpful for MSMEs. Likewise, OkCredit saw retailers halting and selling their products and ventures on layaway during the lockdown recently as they encountered a fall in business and incomes.

OkCredit is presently getting ready to widen its contributions and connect across India to MSMEs who may not know about such products and enterprises.


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