KARMALIFE, a Bengaluru based Fintech is providing financial solutions to gig and blue collar workforce. Normally it is seen that banks and other financial institutions does not entertain gig and unorganised workers when it comes to lending. Taking this issue seriously into account, the startup - -KarmaLife-- has come to their rescue. KarmaLife founded in March 2020 by co-founders Rohit Rathi and Badal Malick. Rohit is from IIT Kharagpur and Badal from Yale University.

Later, Amitabh Khanna who is based in Nagpur, joined them as core group member. Khanna looks after the company’s operations in Nagpur and PAN India. Another IITan Shishir Modi is also a core member. The company is building a lending platform for gig and blue collar workforce.

“When nobody provides financial aid to these workers, we thought it would be one of the best services from our side to offer them,” said Khanna while talking to The Hitavada.

“The model has become a big hit and in about two years we are rendering our services to 1.50 lakh workers in the space whose families are giving us benediction,” Khanna said.

“KarmaLife is enabling earned wage access via a credit line to various gig and blue collar segments. It has deployed the model in Flipkart, Zomato, Shadowfax, Delhivery among others. The product has increased financial liquidity, work productivity and reduced stress for workforce,” he said.

“Our model has improved the workforce retention for the employer partners by over 50% and have also become a hiring promise in the segment of workers,” said Rohit Rathi.

KarmaLife serves gig workers with subscription-based finance built on Digital Karma. It offers them digitally integrated real-time credit to better manage their day-to-day cash flows and become more financially resilient.

“We partner with employers/platforms to provide earned wage access and dynamic line of credit solutions to their workers based on their work history and other digital data,” he said.

“By partnering with KarmaLife, employers can provide inclusive, impactful, and easy-to-administer worker benefits that boost productivity and retention without any financial liability,” he said.

Existing partners have seen up to 30% improvements in worker productivity and reduced churn after using the solution. Today, KarmaLife works with major digital gig platforms across segments like

ride-sharing, food-tech, e-commerce, logistics, flexi-staffing, and others. “Any business activity which helps masses / less privileged people of society attracts me to work,” Khanna said proudly who is an IT veteran and also works in Security and FMS space.