Psi Phi Global Solutions Pvt Ltd is powered by Tiger Global which owns the OkCredit brand and will be sold after failing to raise fresh capital, Mint reported on August 31, citing people familiar with the matter.

OkCredit reportedly plans to raise $40 million in a new funding round.

The digital ledger and bookkeeping solutions startup has appointed financial services firm InCred to find a buyer, the report noted.

According to reports, the Kirana technology provider is currently valued at $4-50 million, well below the $83 million it raised from investors in three funding rounds.

In February, OkCredit laid off 35 employees across all functions this month. The reason behind the move, according to a company spokesperson, is a change in OkCredit’s priorities. The Tiger Global-backed startup is gearing up to enter the fintech space.

Okcredit first raised seed funding from Lightspeed in 2018. In 2019, it raised $15.5 million in a Series A round from Tiger Global and other investors. That same year, OkCredit raised $67 million in a Series B round led by Tiger Global and Lightspeed.