Bengaluru-based Oolka has raised $7 million in a seed spherical led by Lightspeed India Companions and Z47, with participation from 8i Ventures and a roster of angel traders, together with Meesho’s Vidit Aatrey and Sanjeev Barnwal, and M2P head Madhusudanan R.
Oolka stated the contemporary capital will go towards hiring in engineering and knowledge science and creating new AI instruments, together with voice-based companies.
“In the long term, what we see is a mega alternative to construct a real AI distribution play after which cross-sell completely different merchandise similar to any fintech distribution arm that has been there within the nation,” stated Utkrishta Kumar, Founding father of Oolka.
The corporate, based in 2024 by former Meesho govt Kumar, is constructing what it calls India’s first agentic AI credit score administration platform. The platform, utilized by almost two million individuals, has already processed greater than Rs 100 crore in repayments and is nearing $1 million in annual recurring income.
In response to Oolka, its AI acts as an energetic monetary companion, monitoring credit score profiles, suggesting methods to enhance them, and when customers give consent, taking actions on their behalf. In contrast to typical credit-tracking apps, Oolka’s system is designed to intervene immediately in monetary negotiations.
In a single case, Kumar stated, the AI detected {that a} consumer had a high-interest residence mortgage. “Because the consumer consented, the agent went forward and drafted emails on behalf of the consumer and began to barter with the lender… ultimately, the consumer ended up lowering their residence mortgage considerably,” he stated.
The device has additionally flagged errors in credit score bureau knowledge, dealt with overdue compensation disputes, and even facilitated bank card upgrades by drafting correspondence and processing functions contained in the app.
“To place it very simplistically, it’s like we’re serving to every Indian to rent the very best marketing consultant, which might advise the very best credit score marketing consultant within the nation is now working for them 24×7—and never simply advising, however appearing on their behalf too,” Kumar added.
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Income will come from distribution and cross-selling, not credit score rating restore companies. “We’re already disbursing loans with a few NBFCs, and have partnered with IDFC, AU Financial institution, and Sure Financial institution to distribute bank cards,” Kumar stated.
As credit score penetration deepens in India, extra startups are providing instruments to assist customers make well timed repayments and select the proper loans.
Earlier this 12 months, CRED launched Svalbard, a collection of credit score administration instruments designed to assist its members enhance credit score scores and handle a number of playing cards. In January, Y Combinator–backed CheQ additionally launched an AI-powered bank card assistant.
Edited by Megha Reddy
