A top executive from the Indian company INDmoney said that it has secured $75 million as part of its latest funding round. It works to create a super financial app that would serve as users’ integrated solution for purchases and investments. According to Ashish Kashyap, founder and CEO of INDmoney, the startup’s $75 million Series D fundraising was co-led by Steadview Capital, Tiger Global, and Dragoneer.
According to Kashyap, who is also personally participating in the latest round and values the firm at roughly $600 million, it is attempting to secure an additional sum of $10 million courtesy of another fund. With headquarters in Bengaluru and Gurugram, INDmoney has garnered funding of $133 million till date.
When it first launched in 2019, the company was a wealth management tool that used machine learning to facilitate users keep track of their costs, assets, and financial objectives. However, it rapidly broadened its options to let customers make such purchases and investments directly through the app with no commission. Members of the firm, which has more than 3.5 million customers, may invest in stocks, bonds, and mutual funds.
In the interview, he stated that they grew the company through several wonderful insights that customers’ financial concerns were not at a personal sphere, but involving family. According to Kashyap, a co-founder of the business, which collaborates with banks and also NBFCs, financing and cards will soon be made available to clients. On the other hand, Kashyap also co-founded the world-renowned PayU and travel ticketing company Ibibo.
According to him, INDmoney targets the “bulk affluent” population between the ages of 21-45. According to him, the business intends to use the additional cash to penetrate the market more deeply and get more clients. There have already been significant investments made in R&D and machine learning, that will drive the robo adviser. Thanks to the widespread availability of contemporary investing applications like INDmoney, Jar, and Dhan, millions of people are starting to invest for the very first instances in their lives.
With a user-friendly, simple-to-use, mobile-native platform, the INDmoney team aims to become India’s foremost digital bank, revolutionizing how individuals build financial stability, according to Ravi Mehta, who is the founder at Steadview Capital. We are beyond thrilled to further advance Ashish and the team’s inspiring vision.
