Chennai-based fintech Kaleidofin announces raising $13.8 mn in funding

Company provides loans to low-income customers and businesses in informal economy

Chennai-based fintech firm Kaleidofin said on Wednesday it has raised $13.8 million in a funding round led by Dutch company Rabo Partnerships BV and participated by existing investors.

Rabo Partnerships BV, a subsidiary of Rabobank, made an equity infusion of $11 million. The Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish were existing investors in the round. Kaleidofin provides financial solutions for low-income customers and businesses in the informal economy.

Kaleidofin has raised $37 million in total. The company in 2022 raised $23 million from investors that included the Bill and Melinda Gates Foundation, the Michael & Susan Dell Foundation, Omidyar Network India, Oikocredit, Blume Ventures, Bharat Fund, and Flourish Ventures.

The new investment will enable the company to give agriculture loans. “We believe that Kaleidofin’s understanding of the Indian rural economy, where 61 per cent of individuals are directly or indirectly dependent on agriculture, and Rabo Partnerships’ focus on the agriculture sector will further strengthen our capabilities in serving the customer, underwriting the customer, and offering customers and small businesses more suitable loans in the agriculture segment,” said Sucharita Mukherjee, co-founder and chief executive officer (CEO) of Kaleidofin.

Kaleidofin, which was founded in 2017, has since 2020 "facilitated" loan disbursal of more than $2.7 billion for 4.7 million customers and enterprises in the informal economy.

“This investment seamlessly supports our strategy of promoting data-driven finance solutions through local institutions and service providers. We aim to leverage our ecosystem approach through value creation and impact, and we are looking forward to a fruitful long-term partnership with Kaleidofin,” said Marianne Schoemaker, CEO of Rabo Partnerships.