INDmoney raises $75 million at over $600 million valuation

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INDmoney is a powerful tool that helps organize all your family’s finances in one place. It uses machine learning to help you save and invest at zero commissions, and automatically organizes your finances. Tiger Global has partnered with existing investors, including wealth management company INDmoney, to provide fresh funds. The investment round comes after INDmoney had gone two years without raising money. Based on regulatory filings, Steadview Capital, Tiger Global and Dragoneer Investment Group contributed $25 million each to the fundraise, which valued IndMoney at $640 million post-investment.

IndMoney’s Ashish Kashyap, who founded travel booking portal Goibibo, is also investing in the latest financing round. The current funding round is expected to see an additional $10 million infusion over the next few weeks with the entry of new investors. Kashyap did not want to comment on the new investors since the round has not been closed yet.

By integrating various financial instruments such as mutual funds, fixed deposits, US stocks and bonds under one platform, IndMoney allows users to monitor and organize their finances. Users can also take advantage of wealth planning solutions through its premium services. A credit-card-based product will also be launched this year for its user base, linked to its neobank. Additionally, the startup will provide stock broking services this year, allowing users to invest in Indian stocks. It has grown its neobanking platform to half a million accounts in three months after launching it last year with SBM Bank India.

“We intend to use the capital proceeds to scale to 25 million to 30 million customers over the next 12-18 months. We have acquired 3.5 million high-quality users, which is one of the most difficult aspects of financing a fintech company. As part of our domestic stockbroking offering, we are also building a trading and ordering system. With rich data access, we will also look at offering native credit cards to our users,” Kashyap told ET in an interview.

With its card product, IndMoney plans to offer credit lines worth Rs 75,000 to Rs 1 lakh to its registered users. The company has brought on board 3.5 million users since its launch. It tracks more than $15 billion in investments. “Steadview Capital has been impressed with the IndMoney team’s ambition and performance towards building India’s premier digital bank, one that re-educates people about financial security through a sophisticated mobile-first platform that is user friendly and easy-to-use.,” said Ravi Mehta, founder of Steadview Capital.

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We saw a significant amount of capital was raised last year in wealth management fintech. Several investors contributed $251 million to Groww this month, bringing the start-up’s valuation to $3 billion within six months of its last raise. As part of the funding round, Kunal Shah, a serial entrepreneur and the company’s founder, raised $251 million. The start-up has an estimated $4 billion valuation. The fast-growing world of online wealth management has been encouraging payments-led fintech like Paytm and PhonePe to launch mutual funds and other financial instruments.

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