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With this fresh infusion, the company plans to scale up its lending portfolio as well as expand credit scoring, middleware and risk services through new partnerships.
Kaleidofin said in a statement that it will also work with IDH Farmfit Fund to drive financial inclusion by expanding access to financial services for smallholder farmers, including those in dairy, agri-allied sectors, agri workers and agribusinesses.
“Through our collaboration with IDH Farmfit Fund, we aim to change this by creating specialised financial products that cater to the unique needs of farmers. “ki score agri”, a credit health assessment product designed to cater to the unique needs of the agricultural sector, will help lenders deepen their agri portfolios while improving risk management, ensuring that capital flows efficiently to those who need it most,” said Sucharita Mukherjee, cofounder and chief executive of Kaleidofin.
Founded in 2017 by former IFMR Holdings executives Mukherjee and Puneet Gupta, Kaleidofin offers financial solutions to low income, underbanked customers and businesses in the informal economy. Its platform aims to unlock financing for these customers by tapping credit health assessments, middleware technology, risk management tools and debt capital market solutions.
The Chennai-based startup in September last year. Kaleidofin is backed by Rabo Partnerships, Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India and Flourish Ventures.
The company claimed to have raised $42 Mn in total funding till date.
The startup competes against brands such as Zolve, Jupiter and Tide globally in the neo banking space.
Earlier in March, cross border neobanking startup in a mix of equity and debt to expand both its reach and offerings.
In India’s broader startup ecosystem, fintech continues to grow at a rapid pace. Based on , the country is home to over 24 fintech unicorns, and 36 soonicorns.
These startups are trying to grab a pie of the country’s fast-growing fintech market which is expected to become a $2.1 Tn opportunity by 2030.
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