KarmaLife, a Bengaluru, India-based provider of an earnings-linked financial solutions provider for the gig and blue-collared workforce, raised ₹44 crores in pre-Series A extension.
The round was led by Krishna Bhupal’s family office and existing investor Artha Venture Fund, with participation from Net Graph Investments, Singularity Ventures, LogX Venture Partners, Balesh Sharma, Amit Jain, Vikram Kailas, and Shaji Kumar Devakar.
The company intends to use the funds to expand operations and its business reach.
Founded by Rohit Rathi (CEO), Naveen Budda, and Badal Malick in March 2020, KarmaLife is an earnings-linked financial solutions provider for the gig and blue-collared workforce and already the largest Early Wage Access (EWA) platform. The company 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.’
KarmaLife, which operates in a business-to-business-to-consumer (B2B2C) model, has partnered with 50+ organizations, which includes Flipkart, Elastic run, Uber, Porter, Delhivery, and others, to give their employees an option to access their pay-out before payday. It currently serves over 1,00,000+ blue-collar workers through its platform.
FinSMEs
01/06/2023