What
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  • Analytics & Visualisation
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Where
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KarmaLifeAI

$2.5M - $5M in revenue

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Overview
We are the founders of an ecosystem that has the potential to affect millions of lives as the leading EWA player in India. According to studies by BCG, the gig economy will employ 77 lakh (7.7 million) people in 2020–21, and by 2029–30, it would employ 20+ crore (200+ M) workers.
Due to the Indian economy’s reliance on gig workers, this community is under a lot of pressure. Hence, providing lower-income people with viable livelihood opportunities is crucial.

Despite making nearly 85% of the Indian workforce, a study we conducted in 2022 found that gig workers in India had erratic cash flows, and any unexpected expense can threaten their financial security.
Instead of looking at their past financial situations, we leverage data points to evaluate and underwrite gig workers based on their present behaviour.

This fits in nicely with the business’s tech-driven strategy as opposed to a transaction-driven one. We begin by providing Earned Wage Access (EWA), a financial service that enables consumers to access a part of their wages prior to payday. Its main objective is to offer a small-ticket credit based on potential future earnings. As a result, we are assisting gig workers by facilitating easier and more responsible access to financial products.

To address the “month end” crisis for the sector, we collaborate with EWA or earnings-linked credit as well as other low-value, short-term lending products. This makes it simpler for customers to borrow money on a flexible basis amid unexpected crises like medical ones. We are constructing a gig economy future that is sustainable. We share the enthusiasm of all stakeholders trying to support it expand and improve its wellbeing because we recognise the enormous promise and challenges of the gig and blue collar economy.

With its plug-and-play platform, which interacts with the majority of HR management systems in a short amount of time, the employer par also offers services to users through partnerships with employers and gig worker aggregators.

Industry

Financial Services

Founded

2020

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