Kaleidofin, a fintech startup based in Chennai that provides financial services to underserved customers in the informal economy, has raised $10 million (roughly Rs 74 crore) in a new funding round led by the Michael & Susan Dell Foundation.
The Series B round was also attended by existing institutional investors Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures, and Bharat Fund.
Kaleifofin, which has so far raised $18 million in funding, intends to use the funds for technology development, risk management, and bolstering its data science capabilities. IFMR Group, a Chennai-based financial services company, was founded in 2017 by industry veterans Puneet Gupta and Sucharita Mukherjee.
The fintech startup provides simple, well-designed financial solutions to over 600 million underbanked and unbanked Indians who work in the informal economy.
Kaleidofin is on a mission to propel customers towards their real-life goals by providing intuitive and tailored financial solutions through its four key products: KaleidoGoals, KaleidoPay, KiScore, and KaleidoCredit.
According to the statement, Kaleidofin currently has over one million active transacting customers across India. Furthermore, it has established a localised and accessible footprint in 230 districts and 14 states across semi-urban and rural India.
“We look forward to scaling up the Kaleidocredit business line and drive deep loan product innovation focused on the informal customer and nano business. To this end, we will deepen our investments in developing our technology, risk management, and data science capabilities,” Sucharita Mukherjee and Puneet Gupta said in a joint statement.
Speaking on the investment, Geeta Goel, Country Director, Michael & Susan Dell Foundation India, said: “Access to customizable credit for nano-entrepreneurs can unleash a growth wave for enterprises and the economy, and also enable some to graduate to small and medium enterprises. Kaleidofin can play a key role in this movement based on its on-the-ground partnerships and the scientific process for risk assessment and pricing.”
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