Fintech startup Kaleidofin raises $10M in funding led by Dell Foundation, others

Chennai-based Kaleidofin, a fintech startup that offers financial services to under-served customers engaged in the informal economy, has raised $10 million (approx Rs 74 crore) in a new financing round led by the Michael & Susan Dell Foundation.

Existing institutional investors — Oiko Credit, Flourish Ventures, Omidyar Network, Blume Ventures, and Bharat Fund, also participated in the Series B round.

Kaleifofin, which has raised $18 million in funding so far, plans to utilize the raised capital for developing technology, risk management, and powering its data science capabilities. Founded in 2017 by industry veteran Puneet Gupta and Sucharita Mukherjee, Both of them are the founding members of IFMR Group, a Chennai-based financial services company.

The fintech startup offers simple, well-designed, financial solutions to address the needs of over 600 million underbanked and unbanked Indians engaged in the informal economy.

With its four key products— KaleidoGoals, KaleidoPay, KiScore, and KaleidoCredit — Kaleidofin is focused on a mission to propel customers towards their real-life goals by providing intuitive and tailored financial solutions.

KaleidoGoals offers 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; KaleidoPay, a payment platform which allows customers to make digital as well as recurring payments.

Currently, Kaleidofin has over one million active transacting customers across India, the statement said. In addition, It has created a localized and accessible footprint across 230 districts and 14 states in semi-urban and rural India.

“We look forward to scaling up the Kaleidocredit business line and drive deep loan product innovation focused on the informal customer and nano business. To this end, we will deepen our investments in developing our technology, risk management, and data science capabilities,” Sucharita Mukherjee and Puneet Gupta said in a joint statement.

Speaking on the investment, Geeta Goel, Country Director, Michael & Susan Dell Foundation India, said: “Access to customizable credit for nano-entrepreneurs can unleash a growth wave for enterprises and the economy, and also enable some to graduate to small and medium enterprises. Kaleidofin can play a key role in this movement based on its on-the-ground partnerships and the scientific process for risk assessment and pricing.”

Kaleidofin says to support the next phase of growth, it has appointed Natasha Jethanandani, CTO, and Vipul Sekhsaria, Chief Networks Officer, both founding team members, as Co-Founders of the startup.

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