INDmoney Startup Funding News
Startups operating in the field of investment management appear to be becoming popular with investors. Fintech platform INDmoney provides its customers manage their money across taxes, investments expenditures, loans, and taxes on a single platform, and is currently in negotiations to secure $100 million through an existing investor Tiger Global Management, according to two sources who are familiar with the developments.
Sources also said that this round is likely to put the value of INDmoney at $500 million. The company's last funding round was in January of 2020.
"Tiger is leading the $100 million round, and the existing investors, including Steadview as well as Dragoneer are likely to be part of the deal," said one of the sources who requested anonymity. "The details for the transaction are nearly done and are likely to be announced in the near future," the person added.
Incredibly, Tiger Global has also invested in other companies operating in the same industry: Groww, which recently reached a valuation of a unicorn and Upstox is another platform that lets its customers manage their the management of their investments.
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INDmoney has received $58 million since it was founded this year from investors like Tiger, Steadview Capital and Dragoneer. The company was created by Ashish Kashyap, who was the founder of the travel platform Goibibo. INDMoney also utilizes its robo-advisor platform to assist clients, mainly between the ages of 25 to 45.
INDMoney also allows Indian customers to invest into US stocks on its platform.
In August of 2020 the Bengaluru-based company had launched third-party loan options that range from personal, home as well as against property and investments. According to the website of the company the personal loan could vary from 12 to 36 percent, while the interest rate for business loans is typically between 12-22 percent.
"INDmoney has expanded its offerings in terms of products like loans and credit on demand for the last 12-15 months, and the proceeds are likely to be utilized as a key element of the company's expansion plan to grow.," said the second source.
According to reports in the media The company is likely to join the insurance market in the near future. The other major competitors for INDmoney are Zerodha along with Paytm Money, among others.
Tiger Global declined to comment on the report. Questions addressed to INDmoney were not answered as of publishing this story. We will bring the story up to date in the event that INDmoney responds.
Although the company has yet to submit its accounts for the fiscal year ending in FY21 the company has reported operating revenues of 1.07 crore. The company saw the opportunity to record a 2.3X increase in its total earnings to 7.26 crore, up from 3.17 millions in FY19. The total spending of the company increased to 19.12 crore, up from 3.06 millions in FY19.
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