AI-powered credit management platform Oolka raises ₹130cr
What's the story
Oolka, an AI-powered credit management platform, has raised ₹130 crore in a fresh round of funding led by Accel India. The latest investment comes after the company's $7 million seed round from Lightspeed, Z47, 8i Ventures, and several angel investors. The new capital will be used to expand Oolka's engineering, data science and product teams. The round values Oolka at ₹730 crore.
AI platform
Oolka's AI agents track users' financial health and habits
Oolka is not just another score-tracking app. The company is building an agentic AI platform that assesses a user's financial condition and takes personalized actions on their behalf, with their consent. Multiple AI agents track repayment schedules, spending habits, and credit utilization to encourage better habits, automate timely payments, and optimize credit card usage.
Expansion strategy
Oolka eyes India's growing credit market
The funds raised will also go into hyper-personalized user experiences, powered by Oolka's multi-agent AI system. The company is eyeing India's growing credit market, which has over 420 million people with a credit history. According to a CIBIL report from March 2024, 119 million people actively tracked their credit scores in FY24, a whopping 51% year-on-year (YoY) increase. Gen Z and millennials made up 77% of these users, showing younger borrowers' increasing awareness.