Game-based Savings App Fello Raises $4 Million In Latest Funding
Game-based savings app Fello has raised $4 million in a new funding round led by US-based Courtside Ventures. The funding round also saw participation from Entrepreneur First, Ycombinator, Kube Venture, and Upsparks.
As per the startup, the freshly raised funds will be used to create unique gamified financial products, hire top talent across functions, and grow its user base to millions in India’s tier-1 and tier-2 cities.
In November 2021, the company raised $1 million in its seed round.
Fello | Game-based Savings App
Co-founded by Manish Maryada and Shourya Lala in 2021, Fello is making finance fun, rewarding & exciting through its game-based savings platform made for the next-gen Indians, enabling them to save, grow and win.
Speaking about the development, Shourya Lala, Co-founder and CTO of Fello, said,
“Of the 846 million internet users in India, nearly 433 million play games on their mobile phones two or three times a week. Of this, 75% of internet users are between the age group of 18-30, and interestingly, they shy away from saving and investing. With this fundraise, we aim to accelerate our product development, market penetration, and talent acquisition.”
The gamified investment and personal finance platform incentivizes users to save and grow their money while earning higher returns than traditional savings accounts. It enables users to participate in games and lotteries by saving and investing on the platform, which makes saving fun and intuitive.
As per Manish Maryada, Co-founder and CEO of Fello, this funding round reaffirms their vision of becoming India’s preferred ‘fun-ancial savings app’ that combines finance and gaming. The firm is confident that with its accelerated growth and expansion, it will be able to reach the target of 5 million users by December 2023.
In June 2022, Gullak.Money, a saving and investment app, raised $1.3 million in its pre-seed round from Better Capital and Stellaris Ventures Partners.
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