KarmaLife, real-time credit solutions provider for gig workers, raised $2.2 million in pre-series A round, led by Artha Venture Fund (AVF). Netgraph Investment, LV Angel Fund, Singularity Ventures, and Angel investors including Abhinav Sinha (CDC Group PLC), Amit Jain (CEO -Global Equity London), Balesh Sharma (MD -Vodacom South Africa, Ex-CEO Vodafone Idea), Vamsi Udayagiri (Founder Hesa), Vikram Kailas (MD & CEO Mytrah Energy) and Prateek Agarwal (ex-CBO BharatPe), also participated in the round.
The fintech platform will utilize the funds for further product development, team expansion, and employer partnerships. This is AVF’s 16th investment from its $33 million micro-VC fund.
Founded by Rohit Rathi, Naveen Budda and Badal Malick, KarmaLife said has access to 130k+ users and is eyeing a 10-fold user growth in the next 12 months. KarmaLife plans to scale its business by partnering with 150+ new employers and will be launching various innovative financial products such as liquid savings and micro-insurance customized for this segment.
Rohit Rathi, Co-Founder, KarmaLife, said, “We were surprised at the sheer lack of appropriate and sustainable credit solutions for low-income working populations. We are on a mission to solve this using technology, and have built a KarmaScore framework using alternative data, and a very scalable deployment model for employers and gig-platforms. This recent round of funding will help us to accelerate our vision of Financial Inclusion for Blue Collars in India.”
Anirudh A Damani, Managing Partner, Artha Venture Fund, said, “In a time where the gig economy is expected to contribute significantly to India’s GDP, KarmaLife is set to empower the segment’s workforce."