M&A

M&A

Tiger Global-backed Kirana-tech biz OkCredit scouts for a buyer: report

DNA  

Tiger Global-backed kirana-tech player Psi Phi Global Solutions Pvt Ltd, which owns the OkCredit brand, has been placed on the block after failing to secure new funding. The Faridabad-based firm has hired financial services company InCred to find a buyer. Rupifi, a digital business-to-business (B2B) platform providing loans, working capital to small companies, had engaged in talks with OkCredit However, a deal couldn't be reached. OkCredit is valued at USD 40-50 million, significantly less than the USD 83 million it had garnered from investors over the course of three investment rounds. OkCredit planned to raise USD 40 million in the new round. Tiger Global and Lightspeed led a USD 67 million Series B round of investment for OkCredit in September 2019. The same year, it secured USD 15.5 million in funding for a Series A round from investors including Tiger Global. It received startup funding from Lightspeed in 2018.