Get All Access for $5/mo

Kaleidofin Finalizes the Second Close to its $15 Million Series B Equity Round The current fund raise takes the total funding raised by Kaleidofin to date to $23 million

By S Shanthi

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company Handout

Kaleidofin, a fintech company, today announced a second close to its $15 million Series B equity round led by the Michael and Susan Dell Foundation. The round also included the participation of the Bill & Melinda Gates Foundation's Seattle-based Strategic Investment Fund, angel investors and existing investors. The current fund raise takes the total funding raised by Kaleidofin to date to $23 million.

Sucharita Mukherjee and Puneet Gupta started Kaleidofin in 2017, with the aim to offer simple, well-designed, financial solutions to address the needs of over 600 million underbanked customers engaged in the informal economy. The primary focus of Kaleidofin's product lines is to dramatically increase access and usage of formal digital financial services for informal sector customers in a way that can have a transformational impact on customers' lives. Kaleidofin seeks to be the first financial services app on the phones of these customers as more and more customers switch over to accessing financial services digitally.

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 aimed at non-smart phone users who currently cannot make payments using UPI. Across product lines, Kaleidofin has over 1.2 million active transacting customers across India. It has created a localized and accessible footprint across 230 districts and 14 states in semi-urban and rural India.

The proceeds of this round will be used to strengthen tailored credit solutions for informal sector customers. The Company had introduced KiScoreTM, a supervised machine learning-based automated credit health check for informal sector customers in 2020 that has been used to underwrite over $830 million in credit. The credit business will build upon the KiScore model and will offer credit as a platform service for lending to individuals.

"We are delighted to have investors known for their deep focus on informal sector customers and innovation promoting financial health, as partners. The partnership seeks to offer a broad range of financial services to underserved communities with a specific focus on low-income women customers at scale. The new funds will be used to further strengthen all our product lines, but will specifically help us launch and scale our KaleidoCredit business aimed at offer customised credit products for individuals and nano and micro SME customers," said Sucharita Mukherjee, co-founder and CEO, Kaleidofin.

S Shanthi

Former Senior Assistant Editor

Shanthi specializes in writing sector-specific trends, interviews and startup profiles. She has worked as a feature writer for over a decade in several print and digital media companies. 

 

Starting a Business

He Started a Business That Surpassed $100 Million in Under 3 Years: 'Consistent Revenue Right Out of the Gate'

Ryan Close, founder and CEO of Bartesian, had run a few small businesses on the side — but none of them excited him as much as the idea for a home cocktail machine.

Money & Finance

5 Links You Need to Be Successful As a Day Trader

Mastering drive, computer skills, emotional regulation, situational awareness and discipline are essential for day trading success.

Business News

'Jaw-Dropping Performance in 2024,' Says a Senior Analyst as Nvidia Reports Earnings

Nvidia reported its highly-anticipated third-quarter earnings on Wednesday.

News and Trends

Tech Burner's Anarc Smartwatch Achieves INR 3 Cr Sales with USD 1 Mn Investment

Anarc features a patented octagonal design by Thought Over Design and Seymourpowell, with a medical-grade stainless steel body. It includes advanced technology like a Hisilicon chipset, AMOLED display, and seven-day battery life.

Business News

'Do You Sell Cars?': Tesla CEO Elon Musk Trolls Jaguar Rebrand on X

The team running Jaguar's X account was working hard on social media this week.

Science & Technology

How AI-Driven Knowledge Can Build a Smarter Culture in Your Organization

AI is changing the way we share knowledge and reducing gaps that hinder collaboration and productivity. Many questions have been raised about the impact full AI integration will have on team culture. For me, it represents empowerment and an opportunity to create a continuous learning environment.