The round saw participation from Steadview Capital, Tiger Global and Dragoneer Investment Group, which invested $25 million each, regulatory filings showed. After this round, INDmoney’s total fundraising stands at $133 million.
“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 finances. The fact that our current investors Tiger, Steadview and Dragoneer are doubling down and new investors are joining, further validates the power of the platform and the strong execution capabilities of the team,” Ashish Kashyap, founder, INDmoney, who had previously founded online travel aggregator Goibibo.
Founded in 2019, INDMoney allows users to track their finances on a single platform and helps them invest across various financial instruments including mutual funds, fixed deposits, stocks and bonds. It also gives users wealth planning solutions as a part of its premium offering. It claims to have 3.5 million registered users who track more than $15 billion in investments.
The company plans to use the fresh funds to acquire 25 million more users via inorganic growth activities and invest across research & development and technology. It also plans to launch new credit products for its users.
“Steadview has been 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.
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Last year saw wealth management fintechs raising large amounts of capital.
In October, wealth management and stock investing platform Groww raised $251 million in Series E funding led by Iconiq Growth, which tripled the startup’s valuation to $3 billion in six months. The same month Cred, led by serial entrepreneur Kunal Shah, also closed a $251 million round, with investors ascribing a $4 billion valuation to the three-year-old startup.
Even payment-led fintechs such as Paytm and PhonePe have been trying to capture a pie of India’s fast growing digital wealth management landscape with mutual fund investments and other financial instruments.
