Bharat Inclusion Initiative, an initiative by IIM-Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE), has invested an undisclosed amount in Chennai-based fintech startup Kaleidofin.
Talking about the investment, Puneet Gupta, Co-Founder, Kaleidofin, said, “We believe that everyone needs financial solutions that are intuitive, easy to use, flexible, and personalized to real goals of individuals. Kaleidofin’s quest to service this need is further strengthened by the addition of Bharat Inclusion Initiative as an investor.”
Kaleidofin was founded by finance sector veterans, Sucharita Mukherjee, ex-CEO of IFMR Holdings, along with Puneet Gupta, ex-CFO of IFMR Holdings, in 2017. The startup provides a technology platform for its under-served customers to enable them to achieve their life goals through customized and flexible solutions.
The startup leverages machine learning to access the risk profile of low-income households to suggest an appropriate financial investment for the households to achieve their goals. Some of the solutions provided by the platform include umeed, lakhya, and udaan, based on different goals for households.
Kaleidofin has partnered with non-banking financial companies and financial institutions, including, SEWA Bank, Sonata Microfinance, ICICI Pru MF, SBI, Bharti AXA, among others. The startup is currently operational in Tamil Nadu, Rajasthan, Gujarat, Maharashtra, Uttar Pradesh and Bihar.
The startup had last raised $2.8 million in seed funding led by Omidyar Network and Blume Ventures in April 2018.
Other fintech startups working in the digital lending space include SMECorner, Power2SME, OfBusiness, Capital Float, among many others.
Bharat Inclusion initiative was set up to support the entrepreneurs working towards the financial inclusion of the under-served in India. It is looking to create a technology-enabled ecosystem to empower entrepreneurs to help solve the problem of financial inclusion.