ImpactAlpha, Sept. 16 – Serving small and informal businesses worldwide has grown beyond microfinance institutions. Tech startups like Bangalore-based OkCredit are rolling out products and services for long-neglected small businesses that employ 70% of emerging economy workers and account for 30% of emerging-market GDP.
The company’s bookkeeping app helps India’s small shop owners to track purchases, sales and expenses. Its four million monthly active users represent a three-fold increase since June, when it raised its $15.5 million Series A round.
OkCredit’s fresh $67 million Series B, from Lightspeed and Tiger Global, underscores the growing recognition of untapped opportunities in the informal and small retail sector. Investors have also backed India’s Peel-Works and ShopKirana and Mexico’s Frogtek, which are similarly supporting small shop owners