KarmaLife raises Rs 44 Cr in pre-Series A extension round

KarmaLife, an earnings-linked financial solutions provider for the gig and blue-collared workforce, has raised Rs 44 crore in an extension to its pre-Series A funding round led by Krishna Bhupal’s family office and existing investor, Artha Venture Fund, amongst others.

The round saw participation from other existing investors, including Net Graph Investments, Singularity Ventures, LogX Venture Partners, Balesh Sharma, Amit Jain, Vikram Kailas, and Shaji Kumar Devakar.

According to KarmaLife, the funds raised will be used for ramping up the platform, expanding into new geographies and launching more products.

Founded by Rohit Rathi, Naveen Budda, and Badal Malick in March 2020, KarmaLife offers personalized subscription-based credit products, such as Earned Wage Access and dynamic Line-of-Credit, based on a proprietary real-time credit scoring system called ‘KarmaScore.’ 

The firm operates in a business-to-business-to-consumer (B2B2C) model and has partnered with over 50 organizations, which include Flipkart, Elastic run, Uber, Porter, Delhivery, and others, to give their employees an option to access their pay-out before payday.

The company claims to have impacted the lives of 2.70 lakh workers to date. It currently serves over 1,00,000+ blue-collar workers through its platform, continually striving to expand its reach and impact.

Early-stage microVC firm Artha Venture Fund (AVF) has a corpus of Rs 225 crore. Since its inception in late 2018, AVF has primarily funded and supported startups that operate as enablers and entities focused on solving the challenges of Indian consumers and businesses. The current fund allocates thematic investment for B2B, B2C/D2C, and D2C enablers.