KarmaLife Raises INR 44 Crore In Extended Pre-Series A Funding The fund raised will be utilized for scaling, expanding into new geographies and launching more products
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KarmaLife, an earnings-linked financial solutions provider and an early wage access (EWA) platform in India, has raised INR 44 crore in an extension to its pre-Series funding round led by Krishna Bhupal's family office and existing investor, Artha Venture Fund, amongst others. The round also saw participation from other existing investors, including Net Graph Investments, Singularity Ventures, LogX Venture Partners, Balesh Sharma, Amit Jain, Vikram Kailas, and Shaji Kumar Devakar. The fund raised will be utilized for scaling, expanding into new geographies and launching more products.
"We welcome this funding round, which reaffirms our investors' alignment with KarmaLife's mission. Together, we aim to drive financial inclusion and offer alternatives to predatory lending. Our unwavering goal is to transform the financial lives of millions of blue-collar workers," said Rohit Rathi, co-founder and CEO, KarmaLife.
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.' Earned Wage Access ('EWA') gives individuals access to a portion of their earned but unpaid salary any time before their payday. Freeing up employees and employers from the traditional pay cycle, EWA helps disrupt predatory lending models and incentivizes employees to stay longer with an organization, according to an official statement.
"KarmaLife is creating a long-term business that is underserved not only in India but in markets globally. We share the business' growth plans as a portfolio investment, and more importantly, the impact of the business connects a few hundred million Blue collar and gig entrepreneurs into a network-based approach to transparently access credit which is sustainable and affordable," says Krishna Bhupal, chairman of his family office.