Oolka Secures $7 Million for AI-Driven Credit Management

Oolka, the fintech startup, has successfully raised $7 million in a seed funding round, which was co-led by Lightspeed India Partners and Z47. Additional participation came from 8i Ventures along with several angel investors. Previously, the Bengaluru-based company had obtained $6.9 million during the same funding round from Lightspeed Venture Partners and others.

The new investment is earmarked for expanding engineering and product teams, focusing on the recruitment of data scientists and AI engineers to enhance their technological infrastructure, according to a recent press release from Oolka.

About Oolka’s Services and Features

Launched in 2024 by Utkrishta Kumar, Oolka offers an AI-driven credit management platform designed to assist individuals in tracking, improving, and managing their credit health. The company collaborates with banks and financial institutions to deliver features such as customized credit insights, loan and EMI management, incentives for positive credit behaviour, and an AI-powered CIBIL Expert for user assistance.

User Reach and Partnerships

Oolka reports having almost two million users and has facilitated over Rs 100 crore in credit repayments. The startup anticipates surpassing an annual recurring revenue (ARR) of $1 million soon. Furthermore, Oolka has formed partnerships with notable institutions like Yes Bank, IDFC Bank, and AU Small Finance Bank to bolster its credit marketplace.

Future Expansion Plans

The company supports nearly 100 languages used in India and is planning to introduce voice and live call features in the near future. While Oolka’s user demographic primarily consists of individuals aged 20-40, there has been unexpected adoption across a wide range of age groups, particularly in metropolitan areas. The platform aims to cater to tech-savvy Indians who are beginning to leverage digital tools for financial management and to those who are new to credit.