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Fintech start-up INDmoney has raised $75 million as part of its ongoing Series D round from global investors such as Steadview Capital, Tiger Global and Dragoneer Investment Group.
Post this round of financing, INDmoney’s total capital raise stands at $133 million with an approximate balance capital available of $120 million besides additional capital from other incoming investors. INDmoney’s value proposition is enabling customers to save, plan and invest on one platform. The platform allows users to track all their investments and liabilities including mutual funds, fixed deposits, EPF, crypto, credit cards, and insurances, among other things. Along with this, users can also use the platform to invest in US Stocks, mutual funds, fixed deposits, and more.
User base
Launched in 2019, INDmoney recently touched a milestone of 3.5 million registered users tracking more than $15 billion of their investments. The company claims that its number of users are growing at a rate of 20 per cent month on month. Further, INDmoney’s neobanking play is also said to be growing fast at the rate of 30 per cent month-on-month and more than 0.5 million full KYC savings accounts within three months of launch.
The value of transactions has crossed $1 billion, a growth of 5x over the previous year. INDmoney intends to acquire 25 million more users through inorganic growth activities and further invest in research and development as well as technology. INDmoney will also be adding stock brokerage stack and credit products.
“We are very excited with the amount of consumer love that we have received for INDmoney. This is driven by the fact that we are solving a very large and difficult problem in the financial services space of truly becoming the one-stop shop for family finances. The fact that our current investors, Tiger, Steadview, and Dragoneer are doubling down and new investors are joining, further validates the power of the platform and the strong execution capabilities of the team,” said Ashish Kashyap, Founder, INDmoney.
“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 team’s remarkable vision,” said Ravi Mehta, Founder of Steadview Capital.
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