Oolka raises $7 Mn in seed round led by Lightspeed and Z47

Fintech startup Oolka has raised $7 million in a seed funding round co- led by Lightspeed India Partners and Z47 along with participation from 8i Ventures and other angel investors.

The Bengaluru-based startup had previously raised $6.9 million in the same round from Lightspeed Venture Partners and others.

The fresh funds will be utilized to scale its engineering and product teams, specifically for hiring data scientists and AI engineers to enhance the tech stack, Oolka said in a press release.

Launched in 2024 by Utkrishta Kumar, Oolka provides an AI-powered credit management platform designed to help individuals track, improve, and manage their credit health. The company partners with banks and financial institutions to offer features like personalized credit insights, loan and EMI management, rewards for good credit behavior, and an AI-powered CIBIL Expert to assist users.

Oolka claims to have nearly two million users and has processed over Rs 100 crore in credit repayments, with annual recurring revenue (ARR) projected to cross $1 million soon. The startup has also partnered with institutions such as Yes Bank, IDFC Bank, and AU Small Finance Bank to back its credit marketplace.

The company supports nearly 100 languages in India, with voice and live call features planned for future release. The platform says that its user base is primarily individuals aged 20-40 but we have seen surprising adoption across various demographics, including metro areas.

The platform is looking to serve new-to-credit and tech-savvy Indians, who are increasingly tapping digital tools to manage their finance.