Fintech platform Bon secures ₹8 crore in seed round led by Omidyar

Bon, a fintech platform that facilitates digital credit for flexible workers, has raised ₹7.8 crore ($1.1 million) in a seed round led by impact investor Omidyar Network. Other investors in this round include Axilor and Better Capital’s AngelList India Syndicate.

Bon will use the money to strengthen partnerships with banks, non-banking financial companies and increase its presence to 25 cities over the next 18 months and kick off operations in other markets in Asia. Bon enables credit to the ‘gig economy’ workers, such as taxi and ride-share drivers, goods delivery and other contractors, many of whom are first time borrowers of formal credit.

Bon, which provides short-term credit to the workers, issues cards to its customers that can be swiped at a number of merchant locations across the country. The company has issued over 5,000 cards, processed more than ₹6 crore in transactions and repayments, enabling its users to generate earnings of over ₹10 crore. Bon has entered into partnerships with leading gig employers and marketplaces such as Uber and is present in seven major cities.