Indian startup INDmoney has raised $75 million in a new round as it attempts to build a super finance app to become a one-stop shop for people’s investments and expenses, a top executive said on Monday.
Tiger Global, Steadview Capital, and Dragoneer co-led the startup’s $75 million Series D funding, said Ashish Kashyap, founder and chief executive of INDmoney, in an interview with TechCrunch.
The startup, which is valued at about $600 million in the new round, is working to raise another $10 million from a fund, Kashyap said. He is also looking to invest in the round. INDmoney, with offices in Gurugram and Bengaluru, has raised $133 million to date.
Founded in 2019, INDmoney started its journey as a wealth management app. In recent years, it has significantly expanded its offerings to become a neobank to its 3.5 million customers. It helps users organise their finances and plan their goals by using machine learning to help them save and invest at zero commission. Users can invest in mutual funds, bonds as well as stocks. (INDmoney also offers US-listed stocks on the app.)
“We evolved INDmoney through a lot of amazing insights that consumers’ problems with finances are not at an individual level, but at a family level,” he said in the interview.
The startup, which works with banks and non-banking financial institutions, is planning to further expand its product stack to offer lending and card to customers, said Kashyap, who previously co-founded travel ticketing firm Ibibo and financial services giant PayU.
This is a developing story. More to follow…