Through Its Pioneering EWA Platform, Financially Empowers 2.7 Lakh Gig Workers, solidifying its Leadership in EWA Space

Karmalife Financial Solution
KarmaLife has made remarkable strides this year, positioning itself as a frontrunner in the Earned Wage Access (EWA) landscape. As testament to its growth and influence, KarmaLife successfully closed FY23 by solidifying its leadership position and reaffirming its commitment to empowering individuals with financial flexibility and control., India’s largest Earned Wage Access (EWA) and earning-linked credit platform, concludes fiscal year 2023 on a celebratory note, having served over 2.7 lakh (270,000) gig workers. This remarkable achievement further entrenches KarmaLife’s leadership in the EWA domain, underpinning the company’s mission to empower India’s gig and blue-collar economy.

Empowering Gig Economy Workers

At the heart of’s operations is a commitment to understand and underwrite gig workers based on their current behavior, rather than their financial histories. This innovative, data-driven strategy facilitates responsible access to financial products for gig workers, transforming their financial stability.

The high adoption rate (40%) of the EWA product among’s target audience demonstrates the success of this approach. Paired with a potent B2B2C model,’s solutions have gained widespread acceptance, leading to substantial growth and impact.

Company Growth and Expansion has seen exceptional expansion in FY 22-23, with growth reaching an impressive 500%. The company’s reach now extends to several organizations in the logistics, e-com, retail sector, offering Earned Wage Access and financial products to their workforces.

Recently, raised approximately $5M USD in a Pre-Series A-extension round, bringing its total equity funding to nearly $8M. This funding, backed by esteemed investors like Krishna Bhupal’s family office, Artha Venture Fund, and others, will fuel scaling, geographic expansion, and the introduction of more innovative products.

Impact on Businesses and Gig Workers’s services have catalyzed positive change for both businesses employing gig and blue-collar workers and the workers themselves. Businesses report a 23% increase in log-in hours and a 37% increase in staff retention within six months of onboarding’s EWA product.

Gig workers, too, share the benefits. According to, 82% of customers reported improvements in their quality of life, 76% noted a decrease in stress levels, and 78% felt in greater financial control due to

Challenges and Opportunities

As India is projected to have 200M+ platform linked jobs by 2029, , the opportunity for is immense. Despite the vast potential, the company must also navigate challenges to keep pace with markets like the US, where EWA has been growing at a 75% CAGR.

However, with advancements in digital infrastructure providing the necessary tools for growth, is well-equipped for the journey ahead.

Looking to the Future

“ is wholly committed to building a sustainable future for the gig economy,” says [Rohit Rathi, Co-founder,]. “By addressing ‘month-end’ needs for gig workers and offering flexible borrowing options during emergencies, we aim to improve the overall wellbeing of this vital sector.”

With a mission to impact millions of lives and a determination to innovate in response to the evolving landscape of the gig economy,’s future looks promising indeed.

 Voices from the Ground

  1. “Before, I used to be stressed about paying my bills on time, especially during unexpected emergencies. Now, I can access a portion of my wage early, which has helped me manage my financial stress and improve my quality of life.” – Ravi Kumar, Delivery Driver.
  2. “As a business owner, retaining my workforce was a major challenge due to irregular cash flows. Thanks to’s EWA platform, my staff now have more financial stability, which has led to a notable increase in retention.” –  A Retail Business Owner.

Real-life Impact Stories of KarmaLife

  1. An Emergency Averted: Manoj, a gig worker for a ride-sharing company, found himself in a tight spot when his daughter fell ill suddenly. With hospital bills piling up and his next paycheck still days away, he felt helpless. That’s when he discovered and its EWA product. Accessing a portion of his wage early, Manoj was able to pay the hospital bills on time, ensuring his daughter received the necessary care.
  2. Building a Financial Safety Net: Rekha, a domestic worker, struggled with inconsistent income due to the nature of her work. Unexpected expenses often threw her budget off track.’s small-ticket, short-term credit product allowed her to navigate these financial challenges without resorting to high-interest loans. Today, she is more confident about her financial stability and has started saving for her future.
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