Chennai-based Kaleidofin, which is India’s first neobank startup for the informal sector customer, has raised ₹36 crores in a Series A round led by impact investor Oikocredit, as reported by YourStory. Other existing investors that participated in the round include Silicon Valley-based Flourish and Omidyar Network India.
The latest funding will be used to boost the startup’s technology backend and explore growth opportunities.
Sucharita Mukherjee, Kaleidofin CEO and co-founder said, “At Kaleidofin, we have reimagined the way financial services are designed and accessed by the lower-income groups. Our solutions take into account the financial roadblocks and vulnerability that these segments, such as volatile income streams and limited understanding of the fine print in financial products.”
Talking about its first equity investment in India’s fintech space, Anirudh Sarda, Equity Officer, Oikocredit, said, “With Kaleidofin as our first equity investment in the Indian fintech sector, we want to promote and be part of the responsible offering of savings and insurance products to the low-income segments of the population. We are confident of the social impact that technology can make in improving access to formal financial services and Kaleidofin team’s understanding of the customer’s requirements.”
Kaleidofin was founded by Sucharita Mukherjee and Puneet Gupta in 2017. The startup offers a one-stop financial solution for customers from lower-income groups by helping them prioritize their life goals by understanding the customer and designing personalised solutions.
During the course of its operations, Kaleidofin has garnered more than 50,000 customers across 10 Indian states. It also has around 30 network partners including MFIs, corporates and NGOs.
Previously, Kaleidofin has raised seed funding from Blume Ventures, Omidyar Network, Bharat Inclusion Seed Fund and angel investor Prof. Shlomo Ben-Haim.
Other fintech startups competing with Kaleidofin in the digital lending space includes SMECorner, Power2SME, OfBusiness, Capital Float, among many others.