It had announced
raising $10 million as the first close of the latest round in January, this year. Now the company has closed the second tranche, which saw participation from Bill & Melinda Gates Foundation’s Strategic Investment Fund, as well as from angels and existing investors.
With the current fundraise, Kaleidofin has raised $23 million in equity funding, till date.
According to the company, the proceeds from the current round will be used to strengthen its credit solutions for the informal economy.
Founded in 2017 by former IFMR Holdings executives Sucharita Mukherjee and Puneet Gupta, Kaleidofin offers financial solutions to address the needs of over underbanked customers engaged in the informal economy.
The primary focus of Kaleidofin’s product lines is to dramatically increase access and usage of formal digital financial services for informal sector customers, while delivering it in a digital manner.
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“We are delighted to have investors known for their deep focus on informal sector customers and innovation promoting financial health, as partners. The partnership seeks to offer a broad range of financial services to underserved communities with a specific focus on low-income women customers at scale. The new funds will be used to further strengthen all our product lines, but will specifically help us launch and scale our KaleidoCredit business,” said Sucharita Mukherjee, cofounder and chief executive officer (CEO), Kaleidofin.
At present, Kaleidofin’s key product lines include – goal-based savings solution, KaleidoGoals; automated credit health checker for informal sector, KiScore; lending arm, KaleidoCredit, as well as payment solutions platform, KaleidoPay.
Across product lines, the company claims to have over 1.2 million active transacting customers across India. It has created a localised and accessible footprint across 230 districts and 14 states in semi-urban and rural India.
