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Chennai-based financial technology start-up Kaleidofin, which provides tailored financial solutions to those in the informal sector, has raised about ₹18 crore ($2.8 million) in a seed round led by Omidyar Network. Early-stage venture capital firm Blume Venture and individual investors, including Shlomo Ben-Haim, an Israeli serial entrepreneur and investor, also participated in this round.
This Ben-Haim's first investment in India. Kaleidofin will use the money to grow its customer base pan-India, tie up with more banks and financial institutions and to invest in technology and analytics. Founded by Sucharita Mukherjee and Puneet Gupta, former IFMR Holdings CEO and CFO respectively, Kaleidofin went live in February. It has about 1,300 customers mainly in Chennai, Gujarat and Bihar. Over the next three years, it plans to have a million customers. Kaleidofin partners with financial service providers in credit, savings, insurance and investments and uses algorithms that match the appropriate solution to a particular customer's goal and need.
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