Behind Kaleidofin’s innovative services are four visionaries: Sucharita Mukherjee, Puneet Gupta, Natasha Jethanandani and Vipul Sekhsaria. From savings and credit to insurance, they offer everything under one roof with a robust platform powered by advanced machine learning and suitability engines. 

The Inclusion Gap

India’s journey towards financial inclusion is both urgent and important. As of the end of 2021, more than 160 million Indians were considered financially underserved. A significant portion of the population remains outside the fold of mainstream financial services​​. Though adult account ownership raised from 35% in 2011 to 80% in 2017, a large gap still persists, particularly among vulnerable and low-income groups​. 

Despite India’s swift move towards digital adoption, challenges like digital exclusion, unfamiliarity with Direct Benefit Transfer (DBT), corruption, exploitation, and inadequate rural banking infrastructure persist. These barriers hinder the effective use of digital financial products, complicate access to government funds, and limit financial services in rural areas.

The Digital Catalyst

The Digital India initiative, alongside government schemes like the Pradhan Mantri Jan Dhan Yojna , the Pradhan Mantri Mudra Yojana (PMMY) and the demonetization drive, have significantly pushed the envelope on digital banking. The COVID-19 pandemic further accelerated this digital shift, as people sought safer, contactless transactions​​. Furthermore, financial literacy centers (FLCs) play a crucial role in educating underserved communities

Who is Sucharita Mukherjee?

Sucharita Mukherjee grew up in a family rooted in the value of giving back, inspired by her father’s military service. Her career began in London, where she worked at Deutsche Bank and then Morgan Stanley, focusing on credit derivatives. Despite her success, she sought more meaningful work that aligned with her values. 

This search for purpose brought her back to India, where she got involved with IFMR Trust. Here, she leveraged her financial skills for social good, leading to the founding of Northern Arc Capital and Northern Arc Investments. To extend her vision for inclusive finance Mukherjee co-founded Kaleidofin in 2017. 

And Puneet Gupta?

Puneet Gupta co-founded Kaleidofin with Mukherjee and serves as the CFO. Before this venture, he was deeply involved with the IFMR Trust Group. His career spans across the creation and management of equity and mezzanine funds. Moreover, he has substantial experience in rural and micro banking with major private sector banks. 

And Natasha Jethanandani?

Natasha Jethanandani serves as the CTO of Kaleidofin. She started her journey with a strong academic background, holding degrees from Stanford University in Computer Science and Economics. Her professional experience is equally impressive, with significant contributions at Microsoft in Seattle and Google Inc in New York. At Google, she led the development of video content monetization tools, later moving back to India to head engineering teams at BankBazaar. 

Last But Not Least, Vipul Sekhsaria?

Vipul Sekhsaria, as the COO of Kaleidofin, brings a wealth of experience from different sectors. His early career includes pivotal roles at Allianz AG operations in India and IFMR Holdings, where he was involved in setting up new business initiatives. His extensive experience covers managing health insurance revenues and digital strategy implementations.

What Does Kaleidofin Do?

Many people find finance confusing and out of reach. They wanted to fix that. Kaleidofin is a fintech platform that makes finance easy and accessible. Especially for those living in remote areas. Kaleidofin was founded in 2017,  focuses on customers who often get overlooked by traditional banks.

They offer financial solutions that are just right for various life goals like saving for a child’s education, buying a home, or planning for retirement. Partnering with banks, NBFCs, and other financial institutions, they ensure these services are accessible at the doorstep of their customers.

Their platform is designed for diverse digital readiness levels, featuring assisted and self-service options. It includes tailored processes, training, and vernacular assistance, facilitating immersive adoption.

Their Product Portfolio

• KaleidoGoals : A goal-based savings solution that allows customers to save for specific life goals, such as education, home purchase, or retirement, with personalized financial plans.
• KiScore : An AI/ML-based credit assessment tool designed specifically for the informal sector. It uses over 30 million data points to accurately assess the creditworthiness of underserved customers.
• KaleidoCredit : A platform service for lending and debt capital markets that offers customized credit products for individuals and small to medium-sized enterprises (SMEs), focusing on the needs of nano and micro-SME customers.
• KaleidoPay : An inclusive suite of payment solutions that simplifies managing regular financial obligations, such as utilities, loans, and other services, making financial transactions seamless for its users.
• ki View for Risk Management : ki view offers a holistic solution for risk management. It provides comprehensive portfolio management, tracks customer journeys, and measures impact. This tool aids in making informed decisions and ensuring financial stability.
• Lending as a Service : Kaleidofin enables banks, NBFCs, and financial institutions to offer lending solutions directly to customers’ doorsteps through seamless integration with MFIs, MSMEs, NBFCs, and corporates.
• Credit Assessment for the Informal Sector : They have developed a unique credit assessment model that is particularly effective in the informal sector where traditional credit bureau checks often fall short. Their model sees beyond the usual metrics. It understands the informal sector’s unique challenges and opportunities​
• ki Cash Services : An intuitive user experience application designed to guide first-time smartphone users towards digital financial adoption using vernacular and visual flows.
• Omni-channel Customer Connect : This service enables a seamless and interactive banking experience across various channels, including text, voice, and video connect, enhancing customer engagement and satisfaction.
• Custom Financial Products : Kaleidofin curates financial products focusing on savings, credit, and insurance. They aim for principal protection, higher returns compared to savings accounts, and a strategic mix of credit and insurance for stability.

Impact and Reach

Kaleidofin has significantly expanded financial access in India with over 4.01 million customers. They have underwritten loans totaling more than $2.2 billion, based on their innovative KiScore. The platform’s Ki Credit system has seen volumes exceeding $126 million, showcasing robust activity and trust in their system.

Credit Where Credit’s Due

Kaleidofin’s impact hasn’t gone unnoticed. Awards like the ‘Women Fintech Leader of the Year’ and ‘CTO of the Year Award-Fintech’ highlight their influential role in the fintech sector. They’ve been recognized by the RBIH and CIIE for their digital lending solutions tailored for women-owned, nano to micro-sized businesses. They’ve also been celebrated for creating an End-to-End Digital Straight Through Process for Lending at the Swanari TechSprint 2023, and inclusion in Forbes Asia’s ‘100 to Watch’ list underscores their significant contributions.

Financial Milestones

They have raised a total of $23 million over several funding rounds. A significant part of this was a $15 million Series B funding led by the Michael & Susan Dell Foundation, with contributions from the Bill & Melinda Gates Foundation and other investors. Earlier, the company secured $10 million in another round led by the same foundation and raised about $5 million in its Series A funding from Flourish Ventures and Omidyar Network India. 

Finale Worth Investing In

In our journey through Kaleidofin’s mission, we’ve seen how they’re tackling the vast world of financial inclusion, from innovative solutions to overcoming substantial barriers.Yet, as we look towards the horizon, questions linger. How can we ensure that the most vulnerable aren’t just participants but beneficiaries in the truest sense? Let’s engage, question, and dream about a future where financial inclusion is not a privilege but a right accessible to all.