OkCredit: Friend of the shopkeepers
OKCredit is an Indian fintech company that provides digital bookkeeping solutions for small and medium markets (SMEs). Its main objective is to make the transactions related to their products digital and simple, also making it easier and easier to do business electronically with the OkCredit app.
OkCredit story
OkCredit was founded in 2015 by Harsh Pokharna, Gaurav Kumar, Aditya Prasad. Whose aim was to provide a reliable and easy solution for small businesses. OkCredit started with a small team, but today it has become a large and successful company, OkCredit has made the lives of millions of shopkeepers in India easier. This company is playing an important role in the development of small businesses.
Okcredit founder Harsh Pokharna, who completed his studies from IIT Kanpur and then worked for some time in a big company like Flipkart, but Harsh Pokharna very soon realized that he was not just for the work like data entry and making reports. He realized that he had a lot of potential and his potential would be wasted by staying here, so he thought of leaving his job and starting his own startup, but his journey was not so easy.
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1. Harsh Pokharna started his first startup named Meishi, which used to port mobile numbers and tell you who in your contacts has changed their phone number and automatically saves their new number in your phone, but itself But due to low self-confidence, that startup failed.
That’s why Harsh Pokharna says, “There is victory before fear and confidence behind victory.”
2. Harsh Pokharna started his second startup, and failed in that too, because he did not share his idea with anyone due to which he could not get feedback and the end-user did not like that APP.
That’s why Harsh Pokharna says “Share your idea without fear.”
3. Harsh Pokharna tells that till now 4 of his startups have failed, he says that it is necessary for startups to pass a test “The intensity and frequency test” intensity means how big a problem you are solving for the customer, and frequency, Means how many times one has to face that problem, that is why a big business can be formed only when the problem is big and comes again and again.
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You can learn more things which will be useful for you by visiting their Instagram account, the link of which we have given below:-
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Okcredit app has more than 1 crore downloads on Google Play Store.
App Link:- Click here
He could not succeed in many of his startups but he did not lose courage and then one day due to a small problem of his friend, he got the idea of okcredit startup. Harsh’s friend had gone to the grocery store to buy goods and settle his previous accounts, but it took a lot of time for the shopkeeper to find the bill, and then both of them talked to the shopkeeper which made them understand how much stress a small shopkeeper is under due to his debts and bill management, Then he found a solution to this problem and created an app like okcredit which has become a companion for shopkeepers today and has more than 10M downloads on Google Play Store.
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He worked very hard to raise funding, and applied many times to companies like Y Combinator but got rejected, but in the case of okcredit, he was successful in raising funding.
Their main business is to make the work of small shopkeepers easier by lending money so that the lack of money does not affect their business negatively, but in the business of lending money, the most important thing is to build trust among the people.
For which he started a referral program in which one shopkeeper used to share okcredit app with another shopkeeper and the shopkeeper also got to know how many people around him and in his contact are using okcredit app, and gradually His hard work paid off and today lakhs of shopkeepers are using his app.
Harsh tells that in the initial days okcredit was not on playstore, so people used to download apk and use it and give it to each other through shareit.
How does OkCredit work?
1. Digital Transactions: Shopkeepers can do digital transactions with their customers. It is more secure and easier to track than cash transactions.
2. Billing and Inventory Management: OkCredit helps shoppers create bills, track inventory, and manage customer data. It helps in keeping business records organized.
3. Credit Scoring: OkCredit provides a credit score for shoppers. This score can help them get credit easily.
How Does Okcredit Make Money:
Freemium Model: OkCredit operates on a freemium model, meaning that the basic version of the app is free for users. This approach helps the app gain a large user base quickly then Over time, OkCredit may introduce premium features or services that users can pay for, such as advanced analytics, additional security features.
Partnerships and Financial Services: OkCredit can partner with financial institutions, banks, and fintech companies to offer additional services like loans, insurance, or payment gateways to its user base. These partnerships can generate revenue through commissions, referral fees, or revenue-sharing agreements.
Data Monetization: With a large amount of transactional data, OkCredit has the potential to leverage this data for insights that can be valuable to financial institutions, banks, and other partners.
Merchant Payments: OkCredit could also earn revenue by facilitating digital payments between merchants and customers.
Advertising: Although not a primary revenue source, OkCredit could monetize through targeted advertising on its platform, promoting relevant financial products and services to its users.
The OKCredit application provides the following features:
1. Transaction Records: Shopkeepers can record all the transactions done with their customers in the application. Information about the amount lent to the customer, the amount paid, and the remaining amount is easily saved in the app.
2. Reminder Feature: OkCredit allows merchants to send periodic reminders to remind their customers to make loan payments. This process is completely automated and is done through SMS or WhatsApp.
3. Cloud Storage: With OkCredit, all data is stored in the cloud, making it easy to recover even if the device is lost or damaged.
4. Time Saving: OkCredit helps shoppers save time, allowing them to focus more on their business.
5. Transparency in Business: OkCredit helps shopkeepers to maintain transparency of their business. It helps them keep track of their transactions and inventory.
How does OKCredit help?
OKCredit has made the work of small traders and shopkeepers very easy. Traditional bookkeeping was not only time consuming but also prone to errors. In contrast, using OKCredit not only saves time but also makes transactions secure and transparent. Shopkeepers do not have to worry about remembering their borrowed amount, and can concentrate more on their business.