KarmaLifeAI

📍 Bangalore, India🗓 Founded 2020👥 82 employees💰 Last funded Nov 2022
Financial Services🌐 karmalife.ai
Website LinkedIn
As the largest EWA player in India, we are the pioneers of an ecosystem that can impact millions of lives. Studies by BCG have suggested that in 2020-21, 77 lakh (7.7 million) workers will be engaged in the gig economy and this workforce is expected to expand to 20+ crore (200+ M) workers by 2029-30. Owing to the dependence of Indian business on gig workers, the pressure on this community is very high. Therefore, creating sustainable livelihood opportunities for lower-income workers is essential. A study that we did in 2022, confirms that despite making up 85% of the Indian workforce, gig workers in India have irregular cash flows, and any sudden expenditure can upset their financial stability. We use data points to understand and underwrite gig workers based on their current behaviour and not their financial histories. This also goes well with the company’s tech-driven approach instead of a transaction-driven one. As a starting point, we offer Earned Wage Access (EWA) — a financial product that gives people access to a portion of their earnings any time before payday. It focuses on providing a small-ticket credit linked to future earnings. Hence, we are not only helping gig workers with access to financial products more easily but also more responsibly. We work with EWA or earnings -linked credit, and other small-ticket, short-term credit products to resolve the "month end" crisis for the sector. This allows users to flexibly borrow money during medical and other unforeseen emergencies more easily. We are working to build a sustainable future for the gig economy. Recognising the massive potential and pain points of the gig and blue collar economy, we share the enthusiasm of all stakeholders working to help it grow and improve its wellbeing. The employer par also extends services to users through partnerships with employers and aggregators of gig workers with its plug-and-play platform, which integrates with most HR management systems in minimal set up time
5
Total investors
5
Early stage
0
Mid stage
0
Late stage
2020
Founded

Investors

5 investors
All
Early stage
Mid stage
Late stage
Investor geography3 countries
India
2
United Kingdom
2
United Arab Emirates
1
Investor activity2020–2022 · investors recorded per year
202012021320221
Recent (last 2y)Earlier
Frequently asked questions
Who invested in KarmaLifeAI?
KarmaLifeAI has 5 investors on record on gritt.io, including 5 early-stage backers.
When did KarmaLifeAI last raise funding?
The most recent investment in KarmaLifeAI recorded on gritt.io was in November 2022.
When was KarmaLifeAI founded?
KarmaLifeAI was founded in 2020.
What industry is KarmaLifeAI in?
KarmaLifeAI operates in Financial Services. Find similar Financial Services investors on gritt.io.
Where is KarmaLifeAI based?
KarmaLifeAI is headquartered in Bangalore, India.