Tiger Global leads $15.5m funding round in India’s OkCredit

Photo: Reuters

New York-based investment firm Tiger Global is on an investment spree in India. In yet another funding deal, it has lead a $15.5-million Series A round in Bengaluru-based digital credit ledger startup OkCredit, said media reports.

The round also saw participation from existing investors Venture Highway, Y Combinator, and Lightspeed India Partners. Morningside Venture Capital has come in as a new investor in this round.

Operated by Psi Phi Global Solutions Pvt. Ltd, OkCredit is a mobile-based solution for small business owners and their customers to enable recording of credit/payment transactions digitally all across the country. It already claims to be offering its services at over 1,000 locations.

The startup plans to use the funds to expand its merchant base and create teams across verticals such as product, technology and digital banking, The Economic Times reported.

The latest round takes OkCredit’s total funding to more than $17 million till date.

Meanwhile, Tiger Global is aggressively chasing deals in the country’s technology space.

DEALSTREETASIA recently reported that Tiger Global is injecting about $5 million (Rs 34.67 crore) as part of a Series D funding round for online video platform The Viral Fever (TVF).

Last month, it also led a $22-million Series B funding round for logistics management software startup Locus. Tiger Global has also invested in Bengaluru-based home rental startup NestAway Technologies.

In April, Mint reported that Tiger is looking to make as many as five software investments in the coming weeks from its $3.75 billion fund— Tiger Global Private Investment Partners XI— that focuses on consumer internet, cloud computing, industry software and direct-to-consumer companies in India, China and the US.