INDmoney raises $75 million led by Tiger Global, Steadview, Dragoneer

Wealth management options supplier INDmoney has raised roughly $75 million as a part of its ongoing Sequence D spherical led by marquee world buyers, the corporate mentioned on Monday.

The spherical noticed participation from Steadview Capital, Tiger Global and Dragoneer Funding Group, which invested $25 million every, regulatory filings confirmed. After this spherical, INDmoney’s whole fundraising stands at $133 million.

“We’re very excited with the quantity of shopper love that we have now acquired for INDmoney. That is pushed by the truth that we’re fixing a really giant and tough downside within the monetary providers house of really turning into the one stop-shop for funds. The truth that our present buyers Tiger, Steadview and Dragoneer are doubling down and new buyers are becoming a member of, additional validates the ability of the platform and the sturdy execution capabilities of the workforce,” Ashish Kashyap, founder, INDmoney, who had beforehand based on-line journey aggregator Goibibo.

Based in 2019, INDMoney permits customers to trace their funds on a single platform and helps them make investments throughout varied monetary devices together with mutual funds, fastened deposits, shares and bonds. It additionally offers customers wealth planning options as part of its premium providing. It claims to have 3.5 million registered customers who observe greater than $15 billion in investments.

The corporate plans to make use of the recent funds to amass 25 million extra customers by way of inorganic development actions and make investments throughout analysis & growth and know-how. It additionally plans to launch new credit score merchandise for its customers.

“Steadview has been impressed with the INDmoney workforce’s ambition and execution in direction of constructing India’s premier digital financial institution, redefining how individuals construct monetary safety with a user-friendly, easy-to-use, mobile-native platform,” mentioned Ravi Mehta, founding father of Steadview Capital.

Final 12 months noticed wealth administration fintechs elevating giant quantities of capital.

In October, wealth administration and inventory investing platform Groww raised $251 million in Sequence E funding led by Iconiq Progress, which tripled the startup’s valuation to $3 billion in six months. The identical month Cred, led by serial entrepreneur Kunal Shah, additionally closed a $251 million spherical, with buyers ascribing a $4 billion valuation to the three-year-old startup.

Even payment-led fintechs reminiscent of Paytm and PhonePe have been making an attempt to seize a pie of India’s quick rising digital wealth administration panorama with mutual fund investments and different monetary devices.

Keep on prime of technology and startup news that issues. Subscribe to our each day publication for the most recent and must-read tech information, delivered straight to your inbox.