Indian startup INDmoney has raised $75 million in a fresh round as it attempts to build a super finance app that will become a “one-stop shop” for people’s investments and spending, a said Top manager on Monday.
Tiger Global, Steadview Capital and Dragoneer co-led the startup’s $75 million Series D funding, said Ashish Kashyap, founder and CEO of INDmoney, in an interview with TechCrunch.
The startup, valued at about $600 million in the new round, is working to raise another $10 million from a fund, said Kashyap, who is also personally investing in the new round.
INDmoney, which has offices in Gurugram and Bengaluru, has raised $133 million to date. Much of the capital raised over the years is still in the bank, he said.
Founded in 2019, INDmoney started its journey as a wealth management app that helps users track their investments and expenses and set financial goals through machine learning. But it soon expanded its offering to allow users to make those investments and expenses themselves within the app — with no commission. The startup with over 3.5 million users allows its members to invest in mutual funds, bonds and stocks. (INDmoney also offers US-listed stocks on the app.)
“We developed INDmoney through many amazing insights that consumers’ financial problems are not at the individual level, but at the family level,” he said in the interview.
Before founding INDmoney, Ashish Kashyap co-founded Ibibo and PayU. (Image credit: INDmoney)
The startup, which works with banks and non-bank financial institutions, plans to continue expanding its product range to offer customers loans and cards, said Kashyap, who previously co-founded travel ticket company Ibibo and financial services giant PayU.
INDmoney targets the “mass affluent” aged 21 to 45, he said. The startup plans to use the fresh funds to penetrate deeper into the market and acquire more customers, he said. “We have already invested heavily in the machine learning that powers our robo advisor and in research and development. Much of the new capital will go towards expanding our technology,” he said.
Thanks to the proliferation of modern investing apps like INDmoney, Jar and Dhan, millions of Indians are starting to invest for the first time in their lives.
“Steadview has been particularly impressed with the ambition and execution of the INDmoney team in building India’s leading digital bank, redefining how people build financial security with an easy-to-use, easy-to-use, mobile-native platform,” said Ravi Mehta, Founder of Steadview Capital, in a statement. “We couldn’t be more excited to continue supporting the remarkable vision of Ashish and his team.”
