Oolka bags $7 million in funding from Lightspeed, Z47, 8i Ventures to scale AI credit platform

Bengaluru-based fintech startup Oolka has raised $7 million in a seed round led by Lightspeed India Partners and Z47, with participation from 8i Ventures, the company announced on September 24.

The round also saw backing from angel investors including Meesho founders Vidit Aatrey and Sanjeev Barnwal, Ramakant Sharma (Livspace), Abhishek Goyal (Tracxn), Rajesh Yabaji (BlackBuck), Nitin Gupta (Uni), Madhusudan R (M2P Fintech), Anil Goteti (Scapia) and Arnav Kumar (FireSide Ventures).

Founded in 2024 by Utkrishta Kumar, formerly chief experience officer at Meesho, Oolka positions itself as India’s first agentic AI credit management platform.

What will the funds be used for?

The company said the fresh capital will be used to expand its engineering, data science and product teams, accelerate the rollout of real-time credit improvement tools, and build what it claims will be the country’s first AI-native consumer app for credit. Investments will also go into hyper-personalised user experiences, powered by its multi-agent AI system.

How Oolka applies AI

Unlike traditional score-tracking apps, Oolka is developing an agentic AI platform that both diagnoses a user’s financial situation and, with consent, takes personalised actions on their behalf.

Multiple AI agents monitor repayment schedules, spending patterns and credit utilisation to nudge users towards better habits, automate timely payments, and optimise credit card use.

“Oolka was founded on a simple belief that every Indian should have access to affordable credit,” said Kumar. “We are scaling an industry-first multi-agentic AI platform that could be the active companion for every credit and personal finance decision in India.”

Scale and partnerships

Since inception, Oolka has processed more than Rs 100 crore in credit repayments, is approaching 2 million users, and is on track to cross $1 million in annual recurring revenue (ARR).

It has partnered with Yes Bank, IDFC Bank, AU Small Finance Bank, Muthoot Finance and InCred to expand its credit marketplace.

Lightspeed partner Harsha Kumar said: “We are thrilled to support Oolka as they redefine credit empowerment in India. With their AI-driven focus on actionable credit insights, seamless EMI management, and rewards for responsible financial behavior, Oolka is uniquely positioned to elevate credit wellness for millions.”

Vikram Vaidyanathan, Managing Director at Z47, added: “Millions of Indians are striving to improve their credit health, it's the need of the hour, both for them and for the financial services ecosystem. Oolka’s AI-powered financial companion offers a differentiated journey: it diagnoses a user’s financial situation and charts a personalized path forward, focused on improving daily habits and actions.”

Credit surge

India now has more than 420 million people with a credit history. According to a CIBIL report from March 2024, 119 million individuals were actively tracking their credit scores in FY24, up 51 percent year-on-year. Gen Z and millennials accounted for 77 percent of these users, underlining the growing awareness among younger borrowers.

Oolka is targeting this segment with its AI-driven companion, aiming to build trust and improve access to affordable credit.