Neobanking fintech startup Kaleidofin has secured $13.8 million (approx. INR 115 crore) in a new funding round led by Rabo Partnerships
The round also saw participation from existing backers including the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India and Flourish Ventures
Kaleidofin provides financial solutions to low-income customers, underbanked customers and businesses in the informal economy.
Fintech neobanking startup Kaleidofin has secured $13.8 million (approx. INR 115 crore) in a new funding round led by Rabo Partnerships, a subsidiary of Rabobank focused on rural development and financial inclusion.
The round also saw participation from existing backers including the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India and Flourish Ventures.
With this fresh injection, the Chennai-based startup is looking to double its loan portfolio and strengthen credit scoring, middleware technology and risk services through strategic partnerships.
Founded in 2017 by former IFMR Holdings executives Sucharita Mukherjee and Puneet Gupta, Kaleidofin provides financial solutions to low-income and underbanked customers as well as businesses in the informal economy. Its platform aims to unlock finance for these customers by leveraging credit assessments, middleware technology, risk management tools and debt capital market solutions.
Since its inception, the startup claims to have raised $37 million in total funding.
“Rabo Partnerships’ focus on the agriculture sector will further strengthen our capabilities to serve the customer, underwrite the customer and provide more tailored loans to customers and small businesses in the agriculture sector,” Mr. Mukherjee said.
“We are very pleased to support Kaleidofin’s mission to deliver innovative financial solutions, targeting millions of customers who do not have easy access to formal financial services,” said Marianne Schoemaker, Managing Director of Rabo Partnerships.
In 2022, the startup raised a total of $25 million in separate tranches as part of its Series B funding rounds.
Before that, in 2019, he bagged 36 Cr INR in its Series A financing round led by Oikocredit.
This comes shortly after several neobanking players rushed to grab a share of the market as competition intensifies in India.
For example, in June, women-focused neobanking startup LXME raised $1.2 million as part of a seed funding round led by Kalaari Capital through its CXXO initiative.
Within the country’s broader startup ecosystem, the fintech market continues to grow at a rapid pace. Inc42 DataIndia has over 24 fintech unicorns and 36 soonicorns.
These startups are trying to grab a share of the country’s growing fintech market, which is expected to be a $2.1 trillion opportunity by 2030.
The Economic Survey 2023-24 also indicates that India aims to become a “fintech nation” relying on the country’s digital public infrastructure (DPI).