Oolka’s $14 Million Funding Round to Advance AI Financial Solutions
Bengaluru-based fintech company Oolka has secured $14 million (approximately Rs 130 crore) in its Series A funding round, spearheaded by Accel, with contributions from existing investors Lightspeed and Z47. Recent reports indicated that the funding round details, including valuation, have increased to Rs 730 crore (around $87.6 million) post-money. Previously, the startup had raised $7 million in a seed funding round led by Lightspeed and Z47.
Investment Utilisation for Growth
The fresh capital will be allocated to broaden its AI engineering capabilities, enhance the product offerings, and strengthen ties with banks and non-banking financial companies (NBFCs).
About Oolka and Its Vision
Founded in 2024 by Utkrishta Kumar, Oolka is developing an AI-driven financial platform aimed at assisting users in managing and improving their credit health. The platform employs AI agents to support users across various stages of the financial journey, including pinpointing credit concerns, enhancing credit scores, and managing loans through tailored recommendations.
Aiming for a Comprehensive Financial Operating System
Oolka is also dedicated to creating a full-stack financial operating system for consumers, advancing beyond credit management to encompass wider financial decision-making processes. The startup boasts over 6 million registered users and has reported an annual recurring revenue of around $2.5 million. It has established partnerships with several lenders, including IDFC First Bank, DMI Finance, L&T Finance, DSP Finance, and InCred.
Competitive Landscape
Oolka’s nearest direct rival is GoodScore, as both platforms are centred on AI-enabled credit enhancement and personalised user assistance. In October of the previous year, GoodScore gathered $13 million in funding through a round led by Peak XV. Other competitors in the sector, such as OneScore, Paisabazaar, and CRED, operate in related domains, offering credit score monitoring and recommendations, but they are less focused on execution-driven credit improvement.