Neobank startup for the informal sector customer, Kaleidofin revealed that had secured INR 36 crore in the funding round of Series A led by the Oikocredit, which is an impact investor with four decades of experience in the financial inclusion.
Some of the existing investor Flourish, a Silicon Valley-based venture firm backing financial health solutions globally, and Omidyar Network India, which is an investment firm focused on the social impact, doubled down on their investments in the previous round.
Sucharita Mukherjee, Kaleidofin CEO and Co-founder said,
“At Kaleidofin, we have reimagined the way financial services are designed and accessed by the lower-income groups. Our deep ‘tech with touch’ model ensures our financial services are accessible through a trusted channel at an extremely low-cost. We are encouraged by the early wins we have had thus far. Funds raised in this round will help us strengthen our technology backend and respond to growth opportunities.”
Anirudh Sarda, Equity Officer, Oikocredit, said,
“With Kaleidofin as our first equity investment in the Indian fintech sector, we want to promote and be part of the responsible offering of savings and insurance products to the low-income segments of the population. We are confident of the social impact that technology can make in improving access to formal financial services and the Kaleidofin team’s understanding of the customer’s requirements.”