Oolka Secures INR 130 Crore in Funding from Accel, Joined by Lightspeed, Z47, and Founders of Meesho
Oolka Secures Rs 130 Crore in Funding Led by Accel India
AI-powered credit management platform Oolka has raised Rs 130 crore ($14 million) in a fresh round of funding, led by Accel India, as per regulatory filings. Existing investors, including Lightspeed, z47 (formerly Matrix Partners India), and the founders of Meesho, Vidit Aatrey and Sanjeev Barnwal, participated on a pro rata basis.
The funding round values Oolka at Rs 730 crore, according to sources. Founded in 2024 by Utkrishta Kumar, formerly chief experience officer at Meesho, this is Oolka's second round of funding following a $7 million seed round from Lightspeed, Z47, 8i Ventures, and other angel investors.
The Funds at Work
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The fresh capital will be used to expand Oolka's engineering, data science, and product teams. The company aims to 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.
AI-Powered Credit Management
Unlike traditional score-tracking apps, Oolka is developing an agentic AI platform that 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.
Growing Demand for Credit
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India now has more than 420 million people with a credit history. A CIBIL report from March 2024 revealed that 119 million individuals were actively tracking their credit scores in FY24, a 51 percent year-on-year increase. Gen Z and millennials accounted for 77 percent of these users, highlighting the growing awareness among younger borrowers.
| Year | Number of Individuals Tracking Credit Scores | Year-on-Year Growth |
|---|---|---|
| FY23 | 78.5 million | |
| FY24 | 119 million | 51% |
Oolka is targeting this segment with its AI-driven companion, aiming to build trust and improve access to affordable credit.
Investor Takeaway
Investors should consider Oolka's potential for growth in the AI-powered credit management space.
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