Money manager and neobank INDmoney said on March 28 that it has added Singapore-based Sixteenth Street Capital, Lenskart founder Peyush Bansal and entrepreneur and influencer Ankur Warikoo to its Series D fundraise.
New investors Sixteenth Street Capital, Bansal and Warikoo's infusion along with that of INDmoney's employees in this round amounts to $11 million which has now closed.
Moneycontrol had reported on January 17 that INDmoney was set to raise a total of $86 million as part of its Series D round led by Tiger Global, Steadview Capital, Dragoneer, $75 million of which had been closed at the time. The startup’s founder and CEO Ashish Kashyap has invested further through the round.
Other employees also invested including chief compliance officer and general counsel Sunny Bajaj, marketing head Divyang Bhardwaj, strategy and finance vice president Ankur Goyal and finance head Vinay Saraf.
On a call with Moneycontrol, Kashyap said, "This is exciting for us because Bansal and Warikoo are also our customers and now they have invested in their personal capacity."
During the Series D announcement, he had told Moneycontrol that INDmoney’s valuation had jumped over three times from $180 million during the previous round to $635 million.
"There are very few product companies in India which are scaling on the back of consumer experience and deep tech versus advertising. I have been using INDmoney, and it is an amazing product with global potential," said Lenskart's Bansal in a statement.
"As an active user of INDmoney and a proponent of disciplined investing, I am thrilled to get the opportunity to participate in INDMoney's journey as an investor as well," said Warikoo.
Kashyap had previously founded travel platform Goibibo before starting up INDmoney in 2019. The startup helps customers invest in the US and Indian stocks, besides mutual funds, bonds and fixed deposits.
The US stocks and fixed deposit come under INDmoney’s neobanking which has reached a target of a million full KYCs and is looking to expand further. The startup has partnered State Bank of Mauritius India for neobanking.
It has also gone live with its insurance offering and will soon be launching a credit card product. With that, INDmoney will join the likes of Slice, Uni, OneCard, Indiabulls Dhani, PayU’s LazyPay, which are offering credit-related card products in tie-ups with banks and non-banking financial companies (NBFCs).
After this round of financing, INDmoney’s total fundraise stands at $143 million. The number of registered users on the platform has gone up from 1.5 million in August 2021 to 3.5 million now. The aim is to reach 10 million registered users which Kashyap expects to achieve within 2022.
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