Financial platform KarmaLife on Wednesday said it has raised a pre-Series A funding of $2.2 million (around Rs 16 crore) led by Artha Venture Fund (AVF).
The round also saw participation from Netgraph Investment, LV Angel Fund, Singularity Ventures, with angel investors including Abhinav Sinha (Global Head Technology and Telecom at CDC Group PLC) and Amit Jain (CEO -Global Equity London), among others.
The company, operated by Onionlife Pvt Ltd, plans to use the money to develop its product, expand team and more employer tie-ups.
“We were surprised at the sheer lack of appropriate and sustainable credit solutions for low-income working populations.
We are on a mission to solve this using technology and have built a KarmaScore framework using alternative data, and a very scalable deployment model for employers and gig-platforms," said Rohit Rathi, Co-Founder at KarmaLife.
KarmaLife serves gig workers with subscription-based finance built on 'Digital Karma'. It offers them digitally integrated real-time credit to better manage their day-to-day cash flows and become more financially resilient.
The startup partners with employers or platforms to provide earned wage access and credit solutions to their workers based on their work history and other digital data.
