Kaleidofin Private Limited, India’s first neobank for the informal sector customer, announced it closed an INR 360 million Series A round led by Oikocredit, an impact investor with four decades of experience in financial inclusion. Existing investors Flourish, a Silicon Valley-based venture firm backing financial health solutions globally, and Omidyar Network India, an investment firm focused on social impact doubled down on their investments in the previous round.
Previous funders who participated in the round include Blume Ventures, angel investor Prof. Shlomo Ben-Haim, and Bharat Inclusion Seed Fund, which doubled its stake during this raise. Unitus Capital acted as an exclusive financial advisor to transaction.
“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, “ said Sucharita Mukherjee, Kaleidofin CEO and co-founder.
“Our deep ‘tech with touch’ model ensures our financial services are accessible through a trusted channel at an extremely low-cost. We are encouraged by the early wins we have had thus far. Funds raised in this round will help us strengthen our technology backend and respond to growth opportunities.”