These Fintech Apps Are Digitizing The Book-keeping For Indian Businesses

Cheaper smart phones and data rates has led to deeper internet penetration and adoption. Fintech apps are aiming at tier-II and tier-III cities as well.

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By Tahira Noor Khan


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Gone are the days when you need to spend hours to maintain your business accounts. Especially designed for small and medium-sized enterprises, these fintech apps are helping them to maintain their transactions and accounts at the click of a button. Their deep penetration and simple interface are bringing Digital India dream a step closer to realization.

IIT Kanpur alumni Harsh Pokarna, Gaurav Kumar and Aditya Prasad were experimenting with ideas to solve real-life problems. "We noticed that we would buy things on credit from our grocery store and the shopkeeper would take a long time finding entries and filling in details," shares Kumar.

They launched OkCredit in 2017. It has 6.5 million registered merchants. OkCredit is an online ledger which simplifies credit account management for shop owners and their customers. The company has raised a funding of $82.5 million and aims to come up with other utility services.

Top Markets: Jaipur,Patna, Bengaluru, Lucknow, Pune.
Downloads: 10,000,000+ Ratings: 4.6
As per Google Playstore

Gaurav Kunwar, Co-Founder, OkCredit

"Demonetization, push for digitization and rapid increase in internet usage triggered us to launch the app," reveals Dhanesh Kumar, CEO, Khatabook. He along with Ravish Naresh, Ashish Sonone, Jaideep Poonia and Dhanesh Kumar founded the app in December 2018. KhataBook helps small businesses keep track of their daily transactions by digitizing ledger account book. "Kirana stores, mobile recharge shops and travel agents are some of our clients. We plan to launch products for MSMEs and digitize shopkeepers' accounting process," declares Kumar.

Top Markets: Pune, Hyderabad, Jaipur, Ahmedabad, New Delhi, Patna.
Downloads: 5,000,000+ Ratings: 4.7
As per Google Playstore

Ravish Naresh, co-Founder, Khatabook

Keen on making accounting and book-keeping easy, Sumit Agarwal launched Vyapar in 2016 who, after extensive research, found out that there is no app for a layman to help him in accounting his business finances. "The available options were complex and designed for professional accountants," he shares. Vyapar is an accounting app that helps shopkeepers calculate GST, manage stock inventory, check expense reports and track business expenses, update payables and receivables automatically, send reminders
and collect payments directly online.

Top Markets: Pune, Chennai, Bengaluru, Ahmedabad, New Delhi, Kolkata.
Downloads: 1,000,000+ Ratings: 4.7
As per Google Playstore

Sumit Agarwal, Founder, Vyapar

(This article was first published in the November 2019 issue of Entrepreneur Magazine. To subscribe, click here)