Fintech startup Kaleidofin, which provides tailored provides financial solutions for the informal sector, has raised about $2.8 million in a seed round led by Omidyar Network.
Early-stage venture capital firm Blume Venture and individual investors, including Shlomo Ben-Haim, an Israeli serial entrepreneur, and investor, also participated in this round.
The Chennai-based firm plans to use the funds in expanding its network of strategic partners and accelerate customer acquisition in technology and analytics.
Founded in 2017 by Puneet Gupta and Sucharita Mukherjee, Kaleidofin is an app based end-to-end delivery financial technology platform that provides tailored financial solutions.
The startup claims to have about 1,300 customers mainly in Chennai, Gujarat, and Bihar. It acquires customers through partnerships with banks, and NBFCs and microfinance institutions including SEWA Bank, Sonata Microfinance, ICICI Pru MF, UTI, Aditya Birla, SBI, ICICI Pru Life and Bharti Axa.
Besides, it has also leveraged the full India stack to provide customer and product partners with a seamless integration to the platform, including eKnowyourcustomer (eKYC), eSignature (eSign) and Electronic National Automated Clearing House (eNACH).
Kaleidofin is also looking to expand its partner network in other segments of financial services such as agents, banking correspondents, cooperatives, self-help groups, and others.
A rough estimation says that there are more than 200 million households in India have no access to formal savings, insurance, and investments. Kaleidofin aims to tap this market opportunity via its curated financial solutions platform.
Over the next three years, the startup plans to have a million customers.
The development was reported by BusinessLine.