You are here: Home » Companies » News
Business Standard

Neobank Kaleidofin raises $10 million in series B round of funding

The latest fundraise takes the total funds raised by Kaleidofin till date to $18 million

Topics
funding | Companies

BS Reporter  |  Mumbai 

bank, credit, growth, loans, funding, capital, cash, m&a, payment

Kaleidofin, a neobank, announced on Wednesday that it has raised $10 million in its series B round, led by the Michael & Susan Dell Foundation. This takes the total raised by Kaleidofin till date to $18 million. Existing institutional investors, Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund also participated in the Series B round.

Kaleidofin’s key product lines are: KaleidoGoals, a goal-based savings solution, KiScore, a supervised machine learning based automated credit health check for informal sector customers, KaleidoCredit, a credit as a platform service for lending and debt capital markets use cases and KaleidoPay, a suite of inclusive payment solutions. Across product lines, Kaleidofin has over one 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.

Sucharita Mukherjee and Puneet Gupta, founders of Kaleidofin said, “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''

“Access to customisable 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.’ added Geeta Goel, country director, Michael & Susan Dell Foundation India.

To support the next phase of exponential growth, Kaleidofin has appointed Natasha Jethanandani, CTO and Vipul Sekhsaria, chief networks officer, both founding team members, as co-founders. Sekhsaria has built out the last mile networks that enable Kaleidofin to reach out to the customer and has been responsible for driving business growth across product lines. Jethanandani has built out Kaleidofin’s technology team and capabilities and brought a strategic focus to the firm’s product development roadmap.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, January 12 2022. 11:57 IST
RECOMMENDED FOR YOU
.