KarmaLife raises Rs 44 Cr in pre-Series A extension
The company will use the funding to scale and expand into new geographies and launch more products.
, a credit solutions provider for gig workers, has raised Rs 44 crore in an extension to its pre-Series A funding round led by Krishna Bhupal’s family office and existing investor, Artha Venture Fund, among others.
Other existing investors, including Net Graph Investments, Singularity Ventures, LogX Venture Partners, Balesh Sharma, Amit Jain, Vikram Kailas, and Shaji Kumar Devakar, also participated in this round.
The company will use the capital to scale and expand into new geographies and launch more products.
Founded by Rohit Rathi, Naveen Budda, and Badal Malick in March 2020, KarmaLife is a fintech platform that caters to financially underserved populations such as gig workers, contractors, self-employed individuals, entrepreneurs, and others.
It operates on a business-to-business-to-consumer (B2B2C) model and has partnered with more than 50 organisations such as Flipkart, ElasticRun, Uber, Porter, Delhivery, and others.
The startup offers personalised, subscription-based credit products such as Earned Wage Access and dynamic Line-of-Credit, based on a proprietary real-time credit scoring system called ‘KarmaScore.’ KarmaLife currently serves over 1,00,000 blue-collar workers through its platform. EWA gives individuals access to a portion of their earned but unpaid salary any time before their payday.
“KarmaLife is creating a long-term business that is underserved not only in India but in markets globally. We share the business' growth plans as a portfolio investment, and more importantly, the impact of the business connects a few hundred million blue-collar and gig entrepreneurs into a network-based approach to transparently access credit which is sustainable and affordable,” added Krishna Bhupal, Chairman of his family office.
Edited by Affirunisa Kankudti