On Monday, a senior executive at Indian startup INDmoney said that the company had secured $75 million in a fresh round of funding as it works to develop a super financial app that would serve as a “one-stop-shop” for people’s investments and costs.
According to Ashish Kashyap, its founder and chief executive officer, the startup’s $75 million Series D fundraising was led by Tiger Global, Steadview Capital, and Dragoneer Capital.
As part of the new round, the business, which is valued at over $600 million, is attempting to secure an additional $10 million from a fund, according to Kashyap, who is also personally participating in the new round.
INDmoney, which has offices in Gurugram and Bengaluru, has secured a total of $133 million in funding to this point. He claims that a significant portion of the funds it has raised over the years is still in the bank.
INDmoney, founded in 2019, began its journey as a wealth management software, assisting users in tracking their investments and spending and setting financial goals with machine learning. However, it rapidly extended its products to enable users to make such investments and costs directly via the app — and at no additional cost to them. Over 3.5 million people have already signed up for the startup’s services, which allows them to invest in mutual funds, bonds, and stocks. (The money app also includes equities publicly traded in the United States.)
“We developed INDmoney as a result of a slew of wonderful insights that customers’ financial concerns are not only at the individual level but rather at the family level,” he said in the interview.
According to Kashyap, who previously co-founded travel ticketing provider Ibibo and financial services behemoth PayU, the startup, which works with banks and non-banking financial institutions, plans to extend its product stack further to offer financing and credit cards to clients.
According to him, INDmoney is aimed towards the “mass affluent” audience between 21 and 45 years old. The business intends to use the new money to make deeper inroads into the industry and acquire additional clients shortly. “We have already made significant investments in machine learning, which is used to power our robot adviser, as well as in research and development. “A significant portion of the extra funds will be invested in expanding our technologies,” he said.
Millions of Indians are starting to make investments for the first time in their lives, owing to the advent of modern investing applications such as INDmoney, Jar, and Dhan, which allow them to do so on their smartphones.
“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,” said Ravi Mehta, founder of Steadview Capital, in a statement. “We couldn’t be more thrilled to be able to continue to support Ashish and his team’s incredible vision.”