India digital wealth manager secures $75m Series D
Indian personal finance app INDmoney has raised USD 75m in Series D funding from Steadview Capital, Tiger Global Management, and Dragoneer Investment Group.
It brings the company's total funding to date to USD 133m, with an approximate balance capital available of USD 120m besides additional capital from other incoming investors.
Steadview, Tiger Global, and Dragoneer are all existing backers. Previous investors include DF International Partners and Tona Investments.
INDmoney describes itself as a one-stop-shop platform that helps families save, plan, and invest with no commissions. It was founded in 2019 as INDwealth by Ashish Kashyap, a serial entrepreneur best known for travel and transportation start-ups Goibibo, redBus, and Ibibo. The payments division of the latter went on to become PayU India, a Naspers-owned app.
The company's key value proposition is a focus on facilitating financial services across family members. This is seen as having translated into high engagement rates and an organic growth process. The app recently achieved 3.5m registered users – who are managing some USD 15b in investments – with 20% of growth said to be driven by word-of-mouth.
Recent traction includes the rollout of a digital banking function that built up to about 500,000 savings accounts within three months of launch. It is now growing at 30% a month. Total transaction value has expanded fivefold in the last year to pass the USD 1b mark.
The fresh capital will be used to acquire 25m more users via inorganic growth activities and invest in technology and R&D. The company also plans to launch new stock brokerage and credit products.
"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," Ravi Mehta, founder of Steadview, said in a statement.
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