Gig workers require access to short-cycle credit to meet an erratic cash need in between their payout cycles. This partnership will enable delivery executives at LoadShare to get easy and affordable access to funds through the KarmaLife app, empowering them to manage their financial liquidity and also start building their credit histories.
“Through this partnership, we are extending our solutions to logistics workers on weekly, bi-weekly and monthly payout cycles. We are leveraging our quick deployment cycles, value creation for the logistics segment, and automated operational flows to co-create an impactful and scalable model,” said Rohit Rathi, co-founder and CEO, KarmaLife.
The partnership is in sync with LoadShare’s mission of creating one million new jobs in the logistics ecosystem.
“We believe employer participation is the biggest enabler to channel sustainable finance to gig workers. Early access to earnings and long-term credit helps stabilise a gig worker’s financial health, which in turn increases productivity and retention at work,” said Rakib Ahmed, co-founder LoadShare.
KarmaLife partners with employers/platforms to provide earned wage access and credit solutions to their gig workers based on their work history and other digital data.
The firm works with major digital gig platforms across segments like ride-sharing, food-tech, e-commerce, logistics, flexi-staffing, and others.
LoadShare offers a range of solutions in intracity (e-commerce, food, quick commerce, grocery), intercity (PTL and FTL), and warehousing. The company’s current scale is 2 lakh intracity shipments per day, 5,000 intercity trips per month and 10 lakh sq feet warehousing space, with plans to expand five fold in the next two years.