India’s fintech startup INDmoney has acquired $75 million in a Series D funding round co-led by Tiger Global, Dragoneer and Steadview Capital. The funds will be used to push its efforts of building a super finance app that will be the one-stop for investments and expenses in India.
INDmoney was founded in 2019 by Ashish Kashyap who is the company’s CEO. It started as a wealth management app that assisted people with tracking their investments and expenses as well as setting financial goals using technology. Eventually, it broadened its horizon and started allowing users to make their investments and expenses using its platform for free.
Valued at $600 following the latest funding round, INDmoney boasts of 3.5 million users and has raised $133 million in total. The startup has offices in Bengaluru and Gurugram. With the platform, users can invest in bonds and stocks within and outside the country. Cryptocurrencies, which have caused a lot of buzz in the world, is another option that users can invest in through the platform.
Speaking about the startup’s growth, its founder and CEO Ashish Kashyap said that “We evolved INDmoney through a lot of amazing insights that consumers’ problems with finances are not at the individual level but at a family level”. He also added that the platform’s demographic is in the age range of 21 to 45.
INDmoney has partnerships with banks and other non-banking institutions for its operations. The platform is planning to raise another $10 million from a fund that will see its founder and CEO invest personally. For now, it is unsure if it’ll be an extension round or a completely new round.
Speaking about its investment in INDmoney, Ravi Mehta, founder of Steadview Capital said in a statement that “Steadview has been especially impressed with the INDmoney team’s ambition and execution towards building India’s premier digital bank, redefining how people build financial security with a user-friendly, easy-to-use, mobile-native platform. We couldn’t be more excited to continue supporting Ashish and the team’s remarkable vision.”
The startup plans to eventually start offering lending and card services to customers.
