Ex-Google Head’s Neobank INDmoney Raises $75M Series D

Digital bank and wealth management platform INDmoney raised $75 million in a Series D funding round led by Steadview Capital, Tiger Global and Dragoneer, according to a Coverager report Monday (Jan. 17).

The fresh infusion of capital will be used to develop its offerings to become a super banking platform for families by centralizing financial services for saving, planning and investing. The new funding brings INDmoney’s capital raise to $133 million and puts its valuation at $640 million.

See also: India’s Prime Minister Calls for Global Action on Crypto

“The fact that our current investors Tiger, Steadview and Dragoneer are doubling down and new investors are joining, further validates the power of the platform and the strong execution capabilities of the team,” said Ashish Kashyap, founder of INDmoney.

The company was founded in 2019 by Kashyap, who was the former head of Google India, and previously founded the travel ticketing firm Ibibo and financial services giant PayU. Headquartered in Gurugram, India, INDmoney also has an office in Bengaluru.

INDmoney helps users track their investments, expenses and goals on a single platform. Customers can invest using fixed deposits, bonds, stocks and mutual funds, and the app also offers U.S.-listed stocks.

Read more: Reserve Bank of India’s Acceptance of Digital Rupee Highlights Privacy Concerns

INDmoney recently reached 3.5 million registered users with 20% month-on-month growth and its neobank services reached a half-million savings accounts opened within three months of launch and transactions of $1 billion, per a Tech in Asia report.

The startup is targeting 25 million more users as it grows its investment in technology, research and development. The company is also integrating a stock brokerage stack and credit products into its platform.

You may also enjoy: Paytm Helps MoneyGram Tap Into $83B Indian Market

The second-most populous country, India is one of the world’s biggest inbound markets, with remittances of $83 billion in 2020, according to the World Bank. It’s also the world’s sixth-largest economy by nominal gross domestic product (GDP) and the third-largest by purchasing power parity, according to the International Monetary Fund.