Neo-banking platform INDmoney has raised $11 million from Singapore-based Sixteenth Street Capital, Lenskart founder Peyush Bansal, entrepreneur and influencer Ankur Warikoo, and others.
With this, Tiger Global, Steadview Capital, Dragoneer Investment Group, Sixteenth Street Capital, Peyush Bansal, Ankur Warikoo, and others have invested in INDmoney’s $86 million Series D round.
This round also saw participation from founder Ashish Kashyap and some of the key team members of the company comprising Sunny Bajaj (chief compliance officer and General Counsel), Divyang Bhardwaj (head of marketing), Ankur Goyal (strategy and finance), and Vinay Saraf (head of finance).
Rashmi Kwatra, founder and managing partner of Sixteenth Street Capital, said, “Technology enabled, mobile first financial services providers are reaching and catering to previously unserviced customer segments. This is transforming the financial services landscape in the traditionally underpenetrated markets of South and Southeast Asia. Ashish Kashyap and INDmoney have an extremely vigilant product focus. A product first mentality coupled with an impeccable execution ability is resulting in a delightful consumer experience for millions of people. These customers want to understand and grow their personal finances.”
Peyush Bansal, founder and CEO of Lenskart said: “There are very few product companies in India which are scaling on the back of consumer experience and deep tech vs advertising. I have been using INDmoney, and it is an amazing product with global potential, and that’s what I love about it.”
Warikoo, an active INDMoney user, expressed his delight at the opportunity to become an investor in the company.
Ashish Kashyap, the founder of INDmoney, said: “I am excited about this development for two reasons. First: To partner with the best institutions and individuals that will enable us to fulfill our mission of enabling consumers to better their financial lives via our Neo banking features. Second: it is an excellent validation when your own customers and team members invest behind the mission.”
