Siply raises $19 million to drive growth

BL Mumbai Bureau | | Updated on: Jun 16, 2022

Targets to become operationally cash positive by mid-next year

Siply, a leading technology enabled micro-savings platform, has raised $19 million in pre-series A fund led by QI Ventures. According to the company, the funds will be utilised to provide savings and investment support to over 40 crore underserved people.

The round also received participation from existing investors LetsVenture and JITO along with angel investors such as Vivek Sunder, CEO of Cuemath (Ex COO, Swiggy).

Ayan Chatterjee of QI Ventures said: “Siply is a disruptive idea in micro savings and possibly the only business on a mission to convert a significant portion of 40 crore population to a ‘net saving’ customer from ‘net borrowing’ customer when most other Fintechs are focusing on lending.

The current round of funding will pave the way for Siply to be operationally cash positive, which it is targeting by mid-next year.

Siply is also targeting acquisitions in Fintech space over the next few months.

Siply is currently at a $1 million revenue run rate, which has grown 22 times since its last round, and is projected to reach a $12 million revenue run rate and $80 million AUM by March 2023.

The company expects to achieve $750 million AUM by March 2024 with a $51 million revenue run rate.

Sousthav Chakrabarty, Co-founder and CEO, Siply said: “In the current environment, strong revenue-aligned companies that have a clear path to profitability are attracting long-term capital from investors. Siply is positioned to be a leader in the new category of digital banking for the next 40 crore Indians having a similar obsession with revenues, from solutions that are aligned with consumer needs.”

Siply had earlier raised $3.2 million last August.

With about over 60 lakh accounts opened with about 8.5 million transactions, Siply has also registered a 5200 per cent increase in monthly transacting users. Over the last 12 months, Siply has also disbursed about ₹149 crore across 1,50,000 loans with zero non-performing assets (NPAs) to date.

Published on June 16, 2022
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