Fintech startup Bon raises $1.1 million

Bon which is a pune based fintech startup has now raised an amount of Rs 7.8 crores in seed funding which is led by some of the leading investors impact investment firm Omidyar Network, along with participation from Axilor Ventures and Better Capital’s AngelList India Syndicate.

The funds raised will be used to partner with banks and other non-banking finance companies (NBFC) from some of the leading investors and funds, just along with expanding presence across 25 cities in the country over the next 18 months and started operations in other Asian markets.

The startup which is founded by Bhasker “Bosky” Kode in the year 2016, Bon provides a platform to facilitate digital credit to gig economy workers like taxi drivers, delivery agents, independent contractors, self-employed workers, and other financially underserved people in India.

Bon also has 10 retail outlets across the PAN India which includes the Pune, Bengaluru, Gurugram, Noida, Kolkata, Ahmedabad, Guwahati, and Kochi.

“As the next half billion of Indians come online in the coming years, creating growth opportunities for digital businesses and flexible jobs, we expect a huge pool of gig workers to be left behind by traditional financial services providers,” said Smita Aggarwal, investments director at Omidyar Network.

She further added, “Bon is addressing the acute need of liquidity by this growing segment of people with an offering that has the flexibility of a credit card coupled with a convenient expense management tool app.”

Some of the fintech startup in this competition line is Bon in the lending space include Shubh Loans, SlicePay, Satya MicroCapital, Aye Finance, FlexiLoans, and Indifi Technologies, among many others.

Recently, Satya MicroCapital raised ₹34 crores from BlueOrchard. Just before this month in the month of August, SlicePay secured funding from FinUp, in its ongoing series A round.

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