Fueling India’s credit evolution, Oolka has successfully raised $7 million in seed funding, spearheaded by Z47 and Lightspeed, with contributions from 8i Ventures and several angel investors. This investment marks a significant step towards democratizing credit access and management across the nation. Founded by Utkrishta Kumar, previously the Chief Business Officer at Meesho, Oolka aims to empower millions of Indians to responsibly manage their credit. The company’s leadership team includes CTO Harsh Tripathi, formerly VP of Technology at Paytm, and CFO Jatin Mazalcar, ex-CFO at Meesho.
India’s credit landscape is undergoing a massive transformation, highlighted by a 51% year-over-year increase in credit score monitoring, reaching 119 million individuals as of March 2024. Predominantly, Gen Z and millennials, who are mobile-first and tech-savvy, constitute 77% of these users, actively seeking innovative credit management solutions. Oolka’s platform employs agentic AI to act as a personal credit advocate for its users. This includes automating tasks such as closing unused accounts, rectifying inaccuracies in credit reports, negotiating more favorable interest rates, and boosting credit limits.
According to Utkrishta Kumar, Founder, Oolka, the company’s goal is to ensure affordable credit is available to every Indian. Early traction shows considerable promise with over ₹100 crore in repayments processed for nearly 2 million users. Furthermore, Oolka has submitted over 100,000 requests to enhance users’ control over their credit and is nearing $1 million in Annual Recurring Revenue (ARR).
Vikram Vaidyanathan, Managing Director, Z47, emphasizes the critical need for Indians to improve their credit health and views Oolka’s AI-driven approach as a game-changer. Harsha Kumar, Partner, Lightspeed, supports Oolka’s vision of redefining credit empowerment through actionable insights and seamless EMI management, enhancing financial inclusion nationwide. With a clear mission and substantial backing, Oolka is set to redefine the future of credit management in India.
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