Oolka Secures Rs 130 Crore in Series A Funding

Oolka has successfully raised Rs 130 crore (approximately $14 million) through a Series A funding round spearheaded by Accel India, with support from its existing investors. The Oolka board has sanctioned a resolution to issue 10 equity shares and 24,995 Series A compulsorily convertible preference shares (CCPS) at a price of Rs 51,835.79 per share in order to generate the aforementioned funds, as indicated by regulatory documents reviewed by Startup Superb.

Funding Details and Investors

This funding round was primarily led by Accel India, which invested Rs 87.22 crore. Existing investors Lightspeed and Z47 (previously known as Matrix Partners) contributed Rs 20.87 crore and Rs 20.86 crore, respectively. Additionally, Meesho co-founders Vidit Aatrey and Sanjeev Barnwal participated in this round, each investing Rs 32.65 lakh.

Utilisation of Funds

The funds raised will be deployed for Oolka’s expansion and growth objectives, covering capital expenditures and general corporate expenses. Following Startup Superb’s evaluation, Oolka is valued at approximately Rs 730 crore (around $87.6 million) post-money. The Bengaluru-based startup had earlier secured $7 million in a seed round led by Lightspeed and Z47.

Company Background and Operations

Founded in 2024 by Utkrishta Kumar, Oolka is developing an AI-driven credit management platform designed to assist users in tracking, managing, and enhancing their credit health. In its previous funding round, the company announced it had attracted nearly 2 million users and managed over Rs 100 crore in credit repayments, with annual recurring revenue (ARR) expected to exceed $1 million shortly. Oolka has established partnerships with several institutions, including Yes Bank, IDFC Bank, and AU Small Finance Bank, to bolster its credit marketplace.

Current Financial Status

As of FY25, Oolka was still in the pre-revenue phase, reporting a revenue of Rs 5.52 lakh and experiencing a loss of Rs 5.58 crore. The company has yet to submit its annual results for FY26.

Market Position and Competitors

Oolka’s nearest direct competitor is GoodScore, with both companies concentrating on AI-driven credit enhancement and personalised guidance. In October of the previous year, GoodScore raised $13 million with backing from Peak XV. Other platforms like OneScore, Paisabazaar, and CRED also intersect in the domain of credit score monitoring and suggestions, though they are less centred around execution-driven credit improvement.