Sunday, March 03, 2024
Outlook.com
Outlook India
Outlook Business

KarmaLife Raises Rs 44 Crore In Pre-Series A Round From Krishna Bhupal’s Family Office

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

KarmaLife Raises Rs 44 Crore In Pre-Series A Round From Krishna Bhupal’s Family Office

Outlook Start-Up Desk

POSTED ON June 02, 2023 8:46 AM

KarmaLife, an earnings-linked financial solutions provider for the gig and blue-collared workforce has raised Rs 44 crore in an extension to its Pre-Series A 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 claimed to partner with over 50 organisations, which includes Flipkart, Elastic run, Uber, Porter, Delhivery, and others, to give their employees an option to access their pay-out before payday.

According to a statement, KarmaLife has impacted nearly 2.70 lakh workers till date. The company is known for offering 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 currently serves over 1,00,000+ blue-collar workers through its platform, continually striving to expand its reach and impact.

Rohit Rathi, Co-Founder and CEO of KarmaLife, says, “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.” 

“We invest in people and entrepreneurs who have the vision, purpose, and team, who have the ability to create great teams and execute. This is the secret sauce to creating any great company. Our portfolio spans geographies (Silicon Valley, Singapore, India, etc.) and mission-critical businesses such as fintech, quant investing, wealth management, and healthcare.”  said Krishna Bhupal, Chairman of his family office.
 

  • Related Articles

    As a part of this acquisition, Sumeet Malik, the co-founder of Pepcoding has joined Scaler as a content creator to improve the learner experience

    Scaler Acquires Delhi-Based Pepcoding, Completes Fourth Acquisition In Two Years

    Suffering from high losses, a growing mound of bad loans and failure to convince PhonePe for a merger deal, ZestMoney will have to rethink its growth strategies if it is to make a turnaround

    Bad Loans, Defaults And A Failed Merger: How ZestMoney’s Rise Hit A Roadblock

    Last December, BharatPe filed a complaint against Ashneer Grover and his family members with allegations of fraud, breaching trust, cheating, forgery and trust

    Delhi High Court Denies Staying Investigation Against Ashneer Grover