Kaleidofin Raises $15 Mn From Michael & Susan Dell Foundation, Others

SUMMARY

The fresh capital will be used to strengthen Kaleidofin’s product lines, particularly KaleidoCredit that offers financial solutions to individuals, and micro SMEs

With the current fundraising, Kaleidofin has raised $23 Mn to date

Kaleidofin claims to have more than 1.2 Mn active transacting customers across India

Fintech neobanking startup, Kaleidofin has raised nearly $15 Mn in a Series B funding round led by the Michael and Susan Dell Foundation.

The round also saw participation from Bill & Melinda Gates Foundation’s Strategic Investment Fund, and other angel investors as well as existing investors.

The fresh capital will be used to strengthen Kaleidofin’s product lines, particularly KaleidoCredit that offers financial solutions to individuals, and micro SMEs.

With the current fundraising, the fintech startup has raised $23 Mn to date.

Founded in 2017 by Sucharita Mukherjee and Puneet Gupta, Kaleidofin offers customised goal-based financial solutions to underserved segments of India. Its offerings include a goal-based saving solution, KaleidoGoals; ML-based credit health check for underserved customers, KiScore; credit solutions platform for lending and debt markets user cases, KaleidoCredit; and payment solutions platform for non-smartphone users, KaleidoPay.

The startup claims that its product, KiScore has underwritten over $830 Mn as credit so far.

The startup claims to have over 1.2 Mn active transacting customers across India. It has a presence in 14 states and more than 230 districts of India.

In January this year, it secured $10 Mn of funding in a Series B round led by Michael and Susan Dell Foundation. Existing investors Oikocredit, Flourish Ventures, Omidyar Network, Blume Ventures and Bharat Fund also participated in the round.

In December 2019, it raised $5.1 Mn in a Series A round led by Netherlands-based cooperative and social investor, Oikocredit.

Existing investors Flourish Ventures, Omidyar Network India, Blume Ventures, Bharat Inclusion Seed Fund, and Israel-based medical professor Shlomo Ben-Haim also participated in the funding round.

Prior to this, it raised over $2.8 Mn in a seed funding round from Omidyar Network in 2018. Blume Ventures, and an individual investor, Israeli serial entrepreneur and inventor professor Shlomo Ben-Haim participated in the round.

Other Deals In The Indian Fintech Sector

According to an Inc42 report, the Indian fintech sector soared to $584 Bn in 2022. The sector is expected to grow at a CAGR of 31% and reach over $1 Tn by 2025.

In March 2022, fintech startup Credilio secured $4 Mn of funding in a Pre-Series A funding round to build its lending portfolio.

The round was led by Cornerstone Venture Partners Fund. It also saw participation from Exfinity Venture Partners and Mukul Agarwal from Param Capital.

Earlier in March this year, Bengaluru-based fintech startup Perfios secured nearly $70 Mn of funding in the round at a valuation of $400 Mn.

The round saw participation from existing investors Warburg Pincus and Bessemer Venture Partners.

In February 2022, Y Combinator-backed corporate expense management platform Karbon Card raised $15 Mn in a Series A round led by Olive Tree Capital, Harmony and Avenir Growth Capital.

The round saw participation from existing investors Ramp, Mercury and Orios Venture Partners.

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