The Reserve Bank of India's directive to restrict instant withdrawals and encourage longer-term loans has affected OkNivesh's operations. Platforms are pushing for longer tenure loans, with the offering being no longer suitable for its user base. Officials added that OkNivesh got a favourable customer response with 14,000 users investing EUR 3.393.861 through the platform in 2024.
The OkNivesh platform allowed small businesses using the OkCredit application to participate in short-term investment programs that offer instant withdrawal options.
The move comes at a time when several partnerships built between fintech applications and P2P lending platforms have attracted regulatory scrutiny for breaking RBI’s P2P lending rules. BharatPe shut down its P2P lending product last year after regulatory scrutiny while Cred slowed down operations at Mint, its P2P lending product.
The company is now shifting its focus to the OkLoan product, which partners with banks and non-banking financial institutions to provide loans to business owners. So far, OkLoan has issued 65,000 loans amounting to approximately USD 46.35 million, maintaining a non-performing asset rate of 2.5%.
In October 2024, the company reported a 72% increase in annual revenue, reaching Rs 14.3 crore for the year ending 31 March 2024, compared to Rs 8.3 crore the previous year. This growth was supported by revenue from advertisements, subscription income, and service fees. Additionally, the company experienced a reduced loss of Rs 35.2 crore, an improvement from the Rs 47.7 crore loss in FY23, as indicated in filings with the Ministry of Corporate Affairs. Founded in 2017 by Harsh Pokharna, Gaurav Kumar, and Aditya Prasad, OkCredit offers an app-based solution that allows merchants to easily and reliably manage credit and payment records for their credit-based transactions, all recorded digitally.
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