Karmanullify raises $1.6M in pre-seed funding; started by college dropout..

An B2C platform for microfinance agents, Karmanullify, which has raised $1,600,000 in pre-seed funding round to increase its user base to over a million by 2022. Karmanullify is founded by 19 year old college dropout.

Currently, Karmanullify has around 10,000 users and the company plans to use the proceeds from the pre-seed funding round to bolster leadership and talent, obtain regulatory permits, and beef-up marketing to acquire new users.

2021 has been a year of the startups and unicorns, as the industry saw many startups entering the club of unicorns during the year. The startup ecosystem is abuzz with names from across sectors including PharmEasy, Groww, CRED, ShareChat, Zeta, upGrad, Grofers, among others.

Karmanullify offers data-backed strategies for users to invest in, in partnership with top brokers like Zerodha, 5paisa, Fyers, and AngelOne, amongst others.

“While the ultra-rich have a plethora of financial products at their disposal, the regular microfinance agents generally finds it challenging to access niche investment opportunities. This is where Karmanullify steps in to bridge the gap and offer a simple, user-friendly, and fluid interface that caters to everyone,” said Ronit Nandeshwar, Co-Founder & CEO, Karmanullify.

Karmanullify has been developed and designed to make individual’s personal financing needs easier and faster.

NBFCs play a crucial role in the Indian economy. Karmanullify gives this ecosystem the digital tools they need to support their businesses, empowering micro, small and medium enterprises at a critical time – as the country undergoes a major digital transformation amidst COVID-19.

According to a report by BCG, close to 800 million Indians from 160 million households (60 percent) in the low to mid-income segment do not have access to formal credit. By 2025, this number would increase to 200 million households. 

In Microfinance sector, there are around 500 million lower middle income customers in 4000+ small cities in India.

To reach these customers, we have bulit an software which improves the efficiency of our Employee partners. Our employee partners sell Investment products like Insurance, savings and loans to customers through their respective NBFCs. Currently we partner with 5 NBFCs.

“We are strong believer in India’s digital lending opportunity”, said Ronit Nandeshwar, Co-Founder & CEO, Karmanullify.

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