Home 
Login
OkCredit's Financial Performance Falls Short Despite $90 Million Investment
No Category
|Entrackr|a year agoOkCredit, a digital ledger app for small and medium-sized businesses, received $90 million in investments from Lightspeed and Tiger Global in 2019. However, the company's financial performance has been disappointing, with operating revenue of only Rs 26 lakh in FY18 and no revenue in FY19 and FY20. The company's losses have mounted to Rs 428.5 crore, but its revenue from operations grew to Rs 8.3 crore in FY23.
OkCredit's Financial Performance Falls Short Despite $90 Million Investment
[
"business",
"finance"
] 2|Entrackr|a year ago
OkCredit, a digital ledger app for small and medium-sized businesses, received $90 million in investments from Lightspeed and Tiger Global in 2019. However, the company's financial performance has been disappointing, with operating revenue of only Rs 26 lakh in FY18 and no revenue in FY19 and FY20. The company's losses have mounted to Rs 428.5 crore, but its revenue from operations grew to Rs 8.3 crore in FY23.
Related News
|
|
|
|
•OkCredit received $90 million in investments from Lightspeed and Tiger Global in 2019.
•The company's financial performance has been disappointing, with minimal revenue in FY18, FY19, and FY20.
•OkCredit's losses have mounted to Rs 428.5 crore.
•However, its revenue from operations grew to Rs 8.3 crore in FY23.
•The app is available in over 10 local languages and has over 10 million downloads.
•Employee benefit expenses and marketing expenses have decreased significantly.
•OkCredit's overall expenses declined by 50.6% in FY23.
•The company's losses also decreased by 58% in FY23.
•OkCredit's arch-rival, KhataBook, posted 14% growth in scale in FY23.
•The company's financial performance has been disappointing, with minimal revenue in FY18, FY19, and FY20.
•OkCredit's losses have mounted to Rs 428.5 crore.
•However, its revenue from operations grew to Rs 8.3 crore in FY23.
•The app is available in over 10 local languages and has over 10 million downloads.
•Employee benefit expenses and marketing expenses have decreased significantly.
•OkCredit's overall expenses declined by 50.6% in FY23.
•The company's losses also decreased by 58% in FY23.
•OkCredit's arch-rival, KhataBook, posted 14% growth in scale in FY23.
Featured News
Times of India
a month ago
RCB to Clash with GT in Thrilling IPL 2025 Match on April 2
Royal Challengers Bengaluru (RCB) will face Gujarat Titans (GT) in an IPL 2025 match on April 2 at M Chinnaswamy Stadium, Bengaluru, starting at 7:30 PM IST. RCB is unbeaten and coming off a victory against Chennai Super Kings, while GT recently defeated Mumbai Indians by 36 runs. The previous encounter saw RCB dominate GT, chasing the target in just 13.4 overs. Both teams are in strong form, promising an exciting match. Live streaming will be available on Star Sports in India and Willow TV in the USA.
Times of India
a month ago
Shardul Thakur shines as LSG defeats SRH in IPL match
Shardul Thakur, who was unsold in the IPL auction, was signed by Lucknow Super Giants as a replacement for Mohsin Khan. He delivered a match-winning performance with figures of 4 for 34 against Sunrisers Hyderabad, helping LSG secure a five-wicket victory. Thakur criticized the batting-friendly pitches in the IPL, advocating for more balanced tracks that support bowlers. Nicholas Pooran's explosive 70 runs off 26 balls also contributed significantly to the win. LSG captain Pant emphasized the importance of maintaining focus on the process rather than getting too high or low with wins and losses.
Times of India
a month ago
Supreme Court Quashes FIR Against Congress MP, Upholds Freedom of Speech
The Supreme Court of India quashed an FIR against Congress MP Imran Pratapgarhi, emphasizing the importance of freedom of speech and expression. The court ruled that the police must understand the context of words before filing complaints. Justice Abhay Oka stated that a healthy democracy allows for diverse opinions, and the right to express views must be protected. Pratapgarhi was previously charged for a social media post featuring a song deemed provocative, but the court found no offense in his actions, reinforcing the need to uphold constitutional rights.
Times of India
a month ago
Kunal Kamra Defends Parody Amid T-Series Copyright Controversy
Comedian Kunal Kamra criticized T-Series after his standup special 'Naya Bharat' was disabled for copyright violation. He argued that his parody falls under fair use, as he did not use the original song's lyrics or music. The controversy escalated after Kamra's performance led to a breach of privilege notice against him, with accusations of personal insults aimed at Maharashtra's deputy chief minister Eknath Shinde. Following vandalism at a comedy club and police action against him, Kamra remained defiant, asserting his right to free speech despite political backlash.
