Oolka, located in Bengaluru, has secured $7 million in a seed funding round spearheaded by Lightspeed India Partners and Z47, with contributions from 8i Ventures and several angel investors, including Meesho's Vidit Aatrey, Sanjeev Barnwal, and M2P leader Madhusudanan R.

Oolka states that the new funding will be directed towards recruiting in engineering and data science, as well as creating new AI tools, such as voice-based services.

“In the future, we recognize a significant chance to create a genuine AI distribution model and subsequently cross-sell various products similar to any established fintech distribution network in the nation,” stated Utkrishta Kumar, Founder of Oolka.

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The firm, established in 2024 by ex-Meesho executive Kumar, is creating what it terms India’s initial agentic AI credit management platform. The platform, utilized by almost two million users, has processed over Rs 100 crore in repayments and is approaching $1 million in annual recurring revenue.

Oolka states that its AI serves as a proactive financial assistant, overseeing credit profiles, recommending enhancement strategies, and, with user approval, taking actions on their behalf. In contrast to traditional credit-monitoring applications, Oolka’s platform aims to engage directly in financial discussions. In one instance, Kumar mentioned, the AI identified that a user possessed a high-interest home loan.

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“Since the user gave consent, the agent proceeded to write emails for the user and began negotiations with the lender, ultimately leading the user to significantly reduce their home loan,” he stated.

The application has identified mistakes in credit bureau information, managed disputes over late repayments, and assisted in upgrading credit cards by composing messages and handling applications within the app.

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"In a very simple way, it’s as though we are assisting each Indian in securing the finest consultant available, who can then recommend the top credit consultant in the country to work for them around the clock—not just providing advice, but also representing them,” Kumar noted.