Leading financial services marketplace MyMoneyMantra (MMM) has announced an equity capital investment of ₹104 crores (around $15 million) by Dutch investment firm IFSD BV and Vaalon Capital for a minority stake in the firm.
In a prepared statement sent to The Tech Portal, Raj Khosla, Founder, and Managing Director MMM said, “We have been successfully disrupting the retail financial product landscape for the last decade through innovative marketing and technology. We have been clocking impressive year-on-year growth across our extensive product suite.”
MyMoneyMantra, among India’s first omnichannel financial services distributor has a team of 2,500 employees and claims a customer base of over 4 million customers. In the fiscal year 2019, the company claims to have been responsible for originating $1 billion worth credit-related products.
To disburse these loans and other financial facilities, the company has partnered with more than 90 financial institutions. The list includes some of India’s biggest private sector banks like ICICI Bank, HDFC Bank, Aditya Birla Finance, Reliance, Deutsche Bank, and Tata Capital among others.
“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 rapidly expanding Indian consumer market,” Khosla said regarding the investment.
Khosla said that MyMoneyMantra has a three-point strategy that it seeks to conceive by working with the Vaalon Capital team. As a part of this strategy, it will be working on expanding its pan-India reach and will be investing in technology to improve its services and provide best-in-class products to its consumers. MyMoneyMantra attempts to deepen its present financial relationships with NBFCs (Non-Banking Financial Companies), Banks and Insurance firms.
Adam Teeger, Director of Fund Management Advisory in Vaalon Capital said, “We have been very impressed with the quality of the MMM team, their longstanding relationships with NBFCs, Banks and Insurers and their robust processes and platform. They have a proven record of customer-focused service delivery and an established track record of success.”
“We are particularly excited by the MMM team’s initiatives focused on leveraging data analytics, technology, and digital marketing. We look forward to partnering with them to help drive the company’s next phase of growth,” Teeger said remarking the investment.