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Current company KarmaLifeAI
Financial Services · 79 employees · Founded 2020 · Bangalore, Karnataka, India
As the largest EWA player in India, we are the pioneers of an ecosystem that can impact millions of lives. Studies by BCG have suggested that in 2020-21, 77 lakh (7.7 million) workers will be engaged in the gig economy and this workforce is expected to expand to 20+ crore (200+ M) workers by 2029-30.
Owing to the dependence of Indian business on gig workers, the pressure on this community is very high. Therefore, creating sustainable livelihood opportunities for lower-income workers is essential. A study that we did in 2022, confirms that despite making up 85% of the Indian workforce, gig workers in India have irregular cash flows, and any sudden expenditure can upset their financial stability.
We use data points to understand and underwrite gig workers based on their current behaviour and not their financial histories. This also goes well with the company’s tech-driven approach instead of a transaction-driven one. As a starting point, we offer Earned Wage Access (EWA) — a financial product that gives people access to a portion of their earnings any time before payday. It focuses on providing a small-ticket credit linked to future earnings. Hence, we are not only helping gig workers with access to financial products more easily but also more responsibly.
We work with EWA or earnings -linked credit, and other small-ticket, short-term credit products to resolve the "month end" crisis for the sector. This allows users to flexibly borrow money during medical and other unforeseen emergencies more easily. We are working to build a sustainable future for the gig economy. Recognising the massive potential and pain points of the gig and blue collar economy, we share the enthusiasm of all stakeholders working to help it grow and improve its wellbeing.
The employer par also extends services to users through partnerships with employers and aggregators of gig workers with its plug-and-play platform, which integrates with most HR management systems in minimal set up time