KarmaLife, an earnings-linked financial solutions provider for the gig and blue-collared workforce in India, has raised ₹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 financing round 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.
Founded by Rohit Rathi, Naveen Budda, and Badal Malick in March 2020, KarmaLife operates in a business-to-business-to-consumer (B2B2C) model and has partnered with over 50 organisations, including with Flipkart, Elastic run, Uber, Porter, Delhivery, and others, to give their employees an option to access their pay-out before payday.
Rohit Rathi, Co-Founder and CEO, KarmaLife, said, “The company plans to use the fresh capital for scaling, expanding into different geographies, launching more products, and spreading awareness about the product. 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.”
It offers personalised, 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 currently serves over 1,00,000 blue-collar workers through its platform, continually striving to expand its reach and impact.