 "Kaleidofin")
Since 2020, it has facilitated loan disbursal of over $2.7 billion for 4.7 million customers and enterprises in the informal economy | Photo: X@kaleidofin
Fintech firm Kaleidofin on Wednesday raised $13.8 million in funding led by Netherlands-based financial services company Rabo Partnerships BV, along with participation from existing investors including the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish.
Rabo Partnerships BV, a subsidiary of Rabobank, led the funding round with an equity infusion of $11 million into the company.
This latest funding round brings the total funds raised by the Chennai-based company to $37 million.
In 2022, the company raised $23 million from investors including the Bill and Melinda Gates Foundation, the Michael & Susan Dell Foundation, Omidyar Network India, Oikocredit, Blume Ventures, Bharat Fund, and Flourish Ventures.
The investment will enable the company to strengthen its capabilities to extend loans in the agriculture sector.
“We believe that Kaleidofin’s understanding of the Indian rural economy, where 61 per cent of individuals are directly or indirectly dependent on agriculture, and Rabo Partnerships’ focus on the agri sector will further strengthen our capabilities in serving the customer, underwriting the customer, and offering customers and small businesses more suitable loans in the agri segment,” said Sucharita Mukherjee, co-founder and chief executive officer (CEO) of Kaleidofin.
Founded in 2017, the company provides financial solutions for low-income customers and businesses in the informal economy.
Since 2020, it has facilitated loan disbursal of over $2.7 billion for 4.7 million customers and enterprises in the informal economy.
The firm focuses on financial services for women, agriculture, nano-entrepreneurs, and young populations in emerging market economies.
“This investment seamlessly supports our strategy of promoting data-driven finance solutions through local institutions and service providers. We aim to leverage our ecosystem approach through value creation and impact, and we are looking forward to a fruitful long-term partnership with Kaleidofin,” said Marianne Schoemaker, CEO of Rabo Partnerships.
First Published: Sep 18 2024 | 1:44 PM IST
