KarmaLife, a company that offers earnings-linked financial solutions to gig and blue-collar workers, has raised Rs 44 crore as part of an extension to its pre-Series A funding round, which was led by Artha Venture Fund and Krishna Bhupal’s family office, among other investors.
Other current investors, such as Net Graph Investments, Singularity Ventures, LogX Venture Partners, Balesh Sharma, Amit Jain, Vikram Kailas, and Shaji Kumar Devakar, participated in the round.
The money raised, according to KarmaLife, will be used to ramp up the platform, expand into new regions, and introduce more products.
KarmaLife, a company founded in March 2020 by Rohit Rathi, Naveen Budda, and Badal Malick, provides customized subscription-based credit products, such as Earned Wage Access and dynamic Lines of Credit, based on a unique real-time credit scoring system called “KarmaScore”.
The company uses a business-to-business-to-consumer (B2B2C) business model and has partnered with more than 50 companies, including Flipkart, Elastic Run, Uber, Porter, Delhivery, and others, to give their employees a choice regarding how to access their pay-out prior to payday.
According to the company, its efforts have so far improved the lives of 2.70 lakh employees. Through its platform, it currently provides services to more than 100,000 blue-collar workers, with a constant effort to increase its impact.
The corpus of the early-stage microVC company Artha Venture Fund (AVF) is Rs 225 crore. Since its founding in the latter part of 2018, AVF has primarily supported and funded startups that act as enablers and are tasked with resolving issues affecting Indian consumers and businesses. The current fund distributes investments for B2B, B2C/D2C, and D2C enablers on a thematic basis.
