Kaarva

Kaarva, legally known as Kaarvan Services Private Limited, was incorporated in October 2018 by co-founders Khushboo Maheshwari and Agam Goyal. Maheshwari, a Harvard Business School and IIT Bombay alumna, brought experience from roles at Procter & Gamble and Booz & Company. Goyal is a graduate of IIT-Mumbai. The two connected through an alumni network, discovering a shared objective to address the financial challenges faced by the tech-savvy, low-to-middle-income (LMI) workforce in India.

The company operates in the fintech sector with a primary focus on Earned Wage Access (EWA), a model that grants employees access to a portion of their earned salary before the scheduled payday. This service is designed to break the constraints of the traditional 30-day pay cycle, providing liquidity for daily expenses or unforeseen emergencies. Kaarva's target demographic consists of salaried individuals in India, particularly those with monthly incomes between ₹10,000 and ₹30,000. The business operates on a B2C and B2B2C model, partnering with employers to offer this financial wellness tool to their staff. Initially, the firm tested a model allowing users to voluntarily contribute a fee for the service, rather than charging mandatory interest or fees. Other described revenue streams include interest on personal loans and processing fees.

The core offering is delivered through a mobile application where users can apply for a salary advance by submitting basic income and identity verification documents. The platform enables employees to withdraw a portion of their accrued wages on-demand, with repayment settled on their next payday. For instance, users might cash out up to ₹1,500 per day. By providing on-demand access to earned income, Kaarva aims to offer an alternative to high-cost credit options like payday loans, thereby improving the financial stability of its user base. The company has secured seed funding from investors including Lead Angels, Vistra ITCL, and notable angel investors.

Keywords: Earned Wage Access, EWA, financial wellness, fintech India, employee benefits, salary advance, on-demand pay, micro-credit, low-to-middle income finance, B2B2C fintech, employee financial health, payroll innovation, liquidity solution, Khushboo Maheshwari, Agam Goyal, Bengaluru startup, financial inclusion, personal finance management, early salary access, mobile lending