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MUMBAI: INDmoney, an investment management platform operated by Finzoom Investment Advisors Pvt Ltd, has raised $75 million as a part of its Series D funding round, from Steadview Capital, Tiger Global Management, and Dragoneer Investment Group.
With this, the company has raised $133 million to date and plans to use the funds to create a ‘super banking platform’ and a ‘one-stop shop’ for finances, it said.
It aims to acquire 25 million more users on its platform via inorganic growth activities, and invest in research and development and technology. INDmoney will also add stock brokerage stack and credit products on its platform, it said.
The platform, launched in 2019, claims to have onboarded 3.5 million registered users on its platform, who track over $15 billion investments. INDmoney also said it was witnessing a 20% month-on-month growth in the number of users on its platform through organic channels. The company recently launched a neobanking platform, which is growing at a rate of 30% on a month-on-month basis, the company said.
The platform has onboarded more than 500,000 KYC (know your customer) savings accounts within three months of its launch, INDmoney said. INDmoney claimed that the value of transactions has crossed $1 billion, registering 5 times over the previous year.
The company operates a financial advisory platform that uses AI (artificial intelligence) and machine learning to allow users to manage their investments, liabilities, future cash flows and taxation.
"We are very excited with the amount of consumer love that we have received for INDmoney. This is driven by the fact that we are solving a very large and difficult problem in the financial services space of truly becoming the one stop shop for family’s finances," said Ashish Kashyap, founder, INDmoney.
The company, founded by Kashyap, who also founded Ibibo, had raised $12 million as a part of its Series C funding round from Tiger Global and Steadview Capital in January 2020. Before that, in 2018, the company had raised $30 million from Steadview Capital, in what was one of the largest funding rounds for a yet-to-be launched startup. The startup had then said that it will commence operations in January 2019.
In 2019, the company raised $15 million from Tiger Global. INDmoney’s forays into neobanking come at a time when the neobanking space is getting popular in the country. Recently many neobanks, including Jupiter, Open, Zolve, among others have raised aggressively money, Tiger Global has been an active investor in the space.
