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“Funds raised in this round will help us strengthen our technology backend and respond to growth opportunities,” said Sucharita Mukherjee, Kaleidofin CEO and cofounder.
Kaleidofin is Oikocredit’s first equity investment in the fintech sector in India. Unitus Capital was the financial advisor in the transaction.
Founded in 2017 by Sucharita Mukherjee and Puneet Gupta, Kaleidofin provides curated, goal-based financial solutions to people in the underbanked segments. Solutions typically offered comprise of a combination of savings, investment, credit, and insurance products. The company details the financial goals of the household, its main sources of financial vulnerability, preferences, and tolerance toward financial risk and creates individual “personas” of households through information like the demographic profile, income sources, asset ownership.
“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 Kaleidofin team’s understanding of the customer’s requirements. We look forward to working with them,” said Anirudh Sarda, Equity Officer, Oikocredit.
Flourish, the global fund backing impact fintech companies, which spun out of Omidyar Network earlier this year, renewed support to Kaleidofin in the round.
“Kaleidofin’s approach to understanding the consumer, matching their needs with affordable, best-in-class solutions, and guiding them through the decision-making process is a complete reset in this space—one that has been long needed in India. We are excited to continue to support Kaleidofin on their journey to helping Indians build economic resiliency and achieve financial health,“ said Anuradha Ramachandran, director at Flourish, who leads the company’s investments in India.
Amol Warange, Director, Omidyar Network India said, “A vast majority of the Indian population, over 600 million, does not have reliable access to financial services. While there is progress in reaching this customer segment for services such as credit, the full suite of banking services is yet to reach this customer base. Kaleidofin’s unique goal-based solutions can have a positive and meaningful long-term impact on the lives of their customers, who are new to the formal financial sector. As the focus of financial service providers moves from financial access to consumer financial health, Kaleidofin is at the forefront of this revolution.”
Kaleidofin said it has over 50,000 customers spread across 10 states in India. It has 30 network partners including MFIs, corporates, and NGOs. Kaleidofin was earlier selected to showcase its innovation model that addresses sustainable development goals through digital financing, at United Nations General Assembly, Special Task Force Event.
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