Neobank for the informal sector customer, Kaleidofin Private Limited announced it closed an Rs 360 million Series A round led by Oikocredit, an impact investor with four decades of experience in financial inclusion.
According to a statement, Existing investors Flourish, a Silicon Valley-based venture firm backing financial health solutions globally, and Omidyar Network India, an investment firm focused on social impact doubled down on their investments in the previous round.
Previous funders who participated in the round include Blume Ventures, angel investor Prof Shlomo Ben-Haim, and Bharat Inclusion Seed Fund, which doubled its stake during this raise, the statement added. “At Kaleidofin, we have reimagined the way financial services are designed and accessed by the lower income groups. Our solutions take into account the financial roadblocks and vulnerability that these segments such as volatile income streams and limited understanding of the fine print in financial products,” said Kaleidofin CEO and cofounder, Sucharita Mukherjee.