The wealth management industry in India is still in its nascent stage. Still, it is growing, thanks to the growth in the Indian economy, rising per capita income, increasing urbanization and competition, and changes in the regulatory environment. This has been beneficial for startups like INDmoney, which raised nearly $75 million as part of its Series D funding round.
The funding round included participation from Tiger Global, Steadview Capital, and Dragoneer Investment Group. All three have invested $25 million each.
The proceeds from the funding round will be utilized towards expanding its user base. This will be done via inorganic growth activities. Funds will also be used to invest across research and development, and technology, as well as roll out new credit products for users.
With this, the wealth management solutions company has raised $133 million to date. It is now valued at around $600 million and is looking to raise yet another $10 million in fresh funding. Just $400 million more, and it will be a new addition to the unicorn club (2021 had lots of that).
Founded in 2019, the company has come a long way since its initial days as a wealth management app. It is known to aid users in managing their money across investments, loans, expenses, and taxes via a single unified platform. Catering to the age group of 21-45, the company claims to have over 3.5 million registered users who track more than $15 billion in investments.
With INDmoney, users can also make investments across financial instruments such as mutual funds, fixed deposits, stocks, and bonds. The company also offers third-party loans (home loans, personal loans, loans against property, and loans against investments) and wealth planning solutions, but the last one is part of its premium offering. It also works with banks and NBFCs and aims to offer card and lending services in the future as well.
“We are very excited with the amount of consumer love that we have received for INDmoney. This is driven by the fact that we are solving a very large and difficult problem in the financial services space of truly becoming the one-stop shop for finances. 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,” Ashish Kashyap, founder, INDmoney, said.