Bon empowers self-employed and gig-economy workers in India with easier access to working capital
PUNE, India. September 12, 2018: Bon, the FinTech platform that facilitates digital credit for flexible workers, today announced that it has raised₹7.8 crore ($1.1 million) in a Seed Round led by Omidyar Network, the Silicon Valley-based impact investing firm established by Pierre Omidyar, the founder of eBay. Bon facilitates credit to the so-called “gig-economy” workers, such as taxi and ride-share drivers, goods delivery, and other contractors in India, many of whom are first-time borrowers of formal credit. Other funders in this round include early-stage investment firm Axilor Ventures and Better Capital’s AngelList India Syndicate.
“Access to working capital is a real pain point for the growing gig workforce—one that can literally make or break a business of one. In India, where credit cards are not pervasive, this issue is even more prominent, as people don’t really have a safety net to rely on when they don’t have cash on hand,” said Bhasker “Bosky” Kode, founder and CEO of Bon. “Bon’s mission is to empower these new flexible workers to thrive by providing them an easy money management tool coupled with a credit offering that allows them to keep their business moving no matter what.”