Chennai-based fintech firm Kaleidofin has raised $13.8 million in a new funding round, with Rabo Partnerships BV, a subsidiary of Rabobank, leading the investment with an infusion of $11 million. Existing investors such as the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish Ventures also participated in the round.
Kaleidofin, which provides tailored financial solutions for low-income individuals and businesses in the informal economy, has now raised a total of $37 million. In 2022, the company secured $23 million from investors including the Bill and Melinda Gates Foundation, Michael & Susan Dell Foundation, Omidyar Network India, Oikocredit, Blume Ventures, Bharat Fund, and Flourish Ventures.
The latest funding will enable Kaleidofin to expand its offerings, specifically focusing on agriculture loans. Co-founder and CEO Sucharita Mukherjee highlighted the importance of this new investment: “We believe that Kaleidofin’s understanding of the Indian rural economy, where 61 percent of individuals are directly or indirectly dependent on agriculture, and Rabo Partnerships’ focus on the agriculture sector will further strengthen our capabilities in serving the customer, underwriting the customer, and offering customers and small businesses more suitable loans in the agriculture segment.”
Founded in 2017, Kaleidofin has, since 2020, facilitated the disbursal of over $2.7 billion in loans, benefiting 4.7 million customers and enterprises within the informal economy. Marianne Schoemaker, CEO of Rabo Partnerships, added, “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.”
With the new funds, Kaleidofin is poised to further its impact on rural and agricultural finance in India.
