Financial services provider Kaleidofin has raised $5.3 million from IDH Farmfit Fund, a blended finance impact fund focussed on smallholder farmers.
The Chennai-based company had raised $13.8 million in a funding round in September 2024, led by Rabo Partnerships, with participation from existing investors including the Michael & Susan Dell Foundation, Omidyar Network India, and Flourish Ventures.
The fresh funds will be used to scale up its lending portfolio as well as expand credit scoring, middleware, and risk services through new partnerships.
As part of the collaboration, Kaleidofin and IDH Farmfit Fund will co-develop credit scoring and lending products tailored to underserved agricultural communities.
The company is also working on a customised version of its credit health tool, Ki Score, aimed at agri-sector borrowers such as dairy and farm workers, agri-allied businesses, and climate-resilient farming initiatives.
“Smallholder farmers form an important part of the economy, yet they remain vastly underserved by formal financial services. Through our collaboration with IDH Farmfit Fund, we aim to change this by creating specialised financial products that cater to the unique needs of farmers,” said Sucharita Mukherjee, cofounder and CEO, Kaleidofin.
Founded in 2017 by former IFMR Holdings executives Mukherjee and Puneet Gupta, Kaleidofin provides tailored financial solutions for low-income, underbanked customers and businesses in the informal economy.
The platform claims to have enabled over $4.5 billion in debt capital for more than 7 million users, primarily informal workers, women entrepreneurs, and small enterprises.
The latest funding brings Kaleidofin’s total equity capital raised to $42 million.
“Enhanced underwriting and tailoring of smallholder farmer loans, coupled with more efficient origination and distribution, can catalyse the flow of appropriate credit to this underserved segment across India and other markets. Improving the quality of financial inclusion, encompassing client protection, is critical to increasing both income and climate resilience over time,” said Som Toohey, investment director, IDH Investment Management.
The Chennai-based company had raised $13.8 million in a funding round in September 2024, led by Rabo Partnerships, with participation from existing investors including the Michael & Susan Dell Foundation, Omidyar Network India, and Flourish Ventures. The fresh funds will be used to scale up its lending portfolio as well as expand credit scoring, middleware, and risk services through new partnerships.
As part of the collaboration, Kaleidofin and IDH Farmfit Fund will co-develop credit scoring and lending products tailored to underserved agricultural communities.
The company is also working on a customised version of its credit health tool, Ki Score, aimed at agri-sector borrowers such as dairy and farm workers, agri-allied businesses, and climate-resilient farming initiatives.
“Smallholder farmers form an important part of the economy, yet they remain vastly underserved by formal financial services. Through our collaboration with IDH Farmfit Fund, we aim to change this by creating specialised financial products that cater to the unique needs of farmers,” said Sucharita Mukherjee, cofounder and CEO, Kaleidofin.
Founded in 2017 by former IFMR Holdings executives Mukherjee and Puneet Gupta, Kaleidofin provides tailored financial solutions for low-income, underbanked customers and businesses in the informal economy.
The platform claims to have enabled over $4.5 billion in debt capital for more than 7 million users, primarily informal workers, women entrepreneurs, and small enterprises.
The latest funding brings Kaleidofin’s total equity capital raised to $42 million.
“Enhanced underwriting and tailoring of smallholder farmer loans, coupled with more efficient origination and distribution, can catalyse the flow of appropriate credit to this underserved segment across India and other markets. Improving the quality of financial inclusion, encompassing client protection, is critical to increasing both income and climate resilience over time,” said Som Toohey, investment director, IDH Investment Management.
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