Oolka raises $7M funding led by Lightspeed, Z47 for its agentic credit assistant
Oolka said the fresh capital will go toward hiring in engineering and data science and developing new AI tools, including voice-based services.
Bengaluru-based Oolka has raised $7 million in a seed round led by Lightspeed India Partners and Z47, with participation from 8i Ventures and a roster of angel investors, including Meesho's Vidit Aatrey and Sanjeev Barnwal, and M2P head Madhusudanan R.
Oolka said the fresh capital will go toward hiring in engineering and data science and developing new AI tools, including voice-based services.
“In the long run, what we see is a mega opportunity to build a true AI distribution play and then cross-sell different products just like any fintech distribution arm that has been there in the country,” said Utkrishta Kumar, Founder of Oolka.
The company, founded in 2024 by former Meesho executive Kumar, is building what it calls India’s first agentic AI credit management platform. The platform, used by nearly two million people, has already processed more than Rs 100 crore in repayments and is nearing $1 million in annual recurring revenue.
According to Oolka, its AI acts as an active financial companion, monitoring credit profiles, suggesting ways to improve them, and when users give consent, taking actions on their behalf. Unlike conventional credit-tracking apps, Oolka’s system is designed to intervene directly in financial negotiations.
In one case, Kumar said, the AI detected that a user had a high-interest home loan. “As the user consented, the agent went ahead and drafted emails on behalf of the user and started to negotiate with the lender… eventually, the user ended up reducing their home loan significantly,” he said.
The tool has also flagged errors in credit bureau data, handled overdue repayment disputes, and even facilitated credit card upgrades by drafting correspondence and processing applications inside the app.
“To put it very simplistically, it is like we are helping each Indian to hire the best possible consultant, which can advise the best possible credit consultant in the country is now working for them 24x7—and not just advising, but acting on their behalf too,” Kumar added.
Revenue will come from distribution and cross-selling, not credit score repair services. “We are already disbursing loans with a couple of NBFCs, and have partnered with IDFC, AU Bank, and Yes Bank to distribute credit cards,” Kumar said.
As credit penetration deepens in India, more startups are offering tools to help consumers make timely repayments and choose the right loans.
Earlier this year, CRED launched Svalbard, a suite of credit management tools designed to help its members improve credit scores and manage multiple cards. In January, Y Combinator–backed CheQ also introduced an AI-powered credit card assistant.
Edited by Megha Reddy