Bon Raises INR 7.8 Crore in a Seed Round Led by Omidyar Network

How does it work:

Bon partners with gig marketplaces and employers to reach flexible workers and sign them up to its platform. The company uses smart algorithms to process multiple data points on each user and create its proprietary risk assessment, which is used to facilitate access to credit ranging from INR 500 to INR 10,000 via partnerships with financial institutions and NBFCs. Bon's proprietary credit scores are constantly updated, providing borrowers with dynamic credit limits. Repayments are set up to coincide with the customer's cash-flow cycles, helping them keep liquidity and increase earnings reliably. Flexible employers and gig aggregators benefit from higher business uptake and simplified billing and payments processing.

To sign up for a Bon card, gig workers can download the Bon app on their iOS or Android device or visit one of their retail outlets. Bon offers more than 10 retail outlets in Pune, Bangalore, Gurugram, Noida, Kolkata, Ahmedabad, Guwahati, and Kochi. After providing necessary documents, a credit decision is made on the spot and a Bon card is issued with a pre-approved credit limit that can increase over time. Through the Bon app, users can see their credit limits, list of transactions, as well as make payments.