The company said it will use the funding to enhance its “phygital” distribution capabilities.
“This investment is a fantastic endorsement from an international partner and comes at an opportune time, as we are eager to capture an even larger share of the fast-growing and huge Indian consumer market,” said Founder and Managing Director Raj Khosla in a statement. “Partnering with an experienced investor will help drive our ‘phygital’ (physical and digital presence) delivery capabilities, connecting with our customers and financial partners on their terms.”
“We will use the funding to strengthen our data analytics team, migrate our data to Amazon Web Services, develop our website and strengthen our digital marketing team,” he added. “It would also be used to further our pan-India reach and deepen existing financial partner relationships with banks, NBFCs and insurance companies.”
MyMoneyMantra already has about 2,500 employees and serves over 4 million customers across 50 cities, working with more than 90 banks, non-bank lenders and insurance companies to help customers secure loans and credit card deals. In the financial year that ended in March, the company reported that it had made $19.6 million in revenue. TechCrunch reported that a source revealed this round of funding valued MyMoneyMantra at $50 million.
Adam Teeger of Vaalon Capital said his company is looking forward to helping drive MyMoneyMantra’s next phase of growth.
“We have been very impressed with the quality of the MMM team, their long-standing relationships with NBFCs, Banks and Insurers and their robust processes and platform,” Teeger said. “They have a proven record of service delivery and a long track record of success. We are particularly excited by the MMM team’s initiatives focused on leveraging data analytics, technology and digital marketing.”