STARTUP-STORIES
Kaleidofin Secures $13.8M Funding to Strengthen Financial Services for India’s Rural Economy
SUMMARY
1. Kaleidofin raised $13.8 million in a funding round led by Rabo Partnerships, with participation from existing investors, to expand its lending portfolio, enhance credit scoring, and improve technology and risk services.
2. The financial services provider, which serves low-income and underbanked customers in India's informal economy, has disbursed over $2.7 billion in loans to 4.7 million customers, focusing on women, small entrepreneurs, and the agricultural sector.
Financial services provider Kaleidofin has raised $13.8 million (Rs 115.5 crore) in a funding round led by Rabo Partnerships, a subsidiary of Rabobank Group focused on financial inclusion and rural development. The round also saw participation from existing investors including the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish Ventures.
Expanding Financial Inclusion for Underserved Markets
The newly raised capital will enable Kaleidofin to expand its lending portfolio, enhance credit scoring capabilities, and strengthen its middleware technology and risk services. Founded in 2017 by Sucharita Mukherjee and Puneet Gupta, Kaleidofin aims to bridge the financial gap for low-income and underbanked customers in India’s informal economy, including small businesses and farmers.
The startup has been instrumental in providing $2.7 billion in loans to over 4.7 million customers since 2020, with a strong focus on the agricultural segment. This funding will also bolster its efforts to offer suitable loans for small entrepreneurs and women-led businesses.
Strategic Partnerships to Drive Growth
According to CEO Sucharita Mukherjee, Rabo Partnerships’ expertise in the agri sector aligns perfectly with Kaleidofin’s mission. "This partnership will further strengthen our capabilities in underwriting and offering more tailored financial solutions to the agricultural community," Mukherjee said.
The company’s focus on credit health assessments and risk management tools has positioned it as a key player in the market, especially in promoting financial inclusion for rural communities.
Marianne Schoemaker, CEO of Rabo Partnerships, emphasized the importance of Kaleidofin's role in data-driven finance solutions, stating, "They have established themselves as a leading player in India, supporting small entrepreneurs and the agriculture sector."
This latest investment brings Kaleidofin’s total funding to $37 million, further strengthening its position in India’s financial inclusion landscape.
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