INDmoney In Talks To Raise $100 Mn At $500 Million Valuation

INDmoney, a fintech platform that helps users manage money across investments, taxes, loans, expenses and taxes via a single platform, is in talks to raise $100 million in funding led by existing investor Tiger Global Management.

First reported by Entrackr, citing sources, the funding round is expected to value INDmoney at a whopping $500 million. As per the source, INDmoney has been expanding its product offerings such as loan and on-demand credit for the past 12-15 months, and the newly raised funds are likely to be utilised in the company’s expansion plan.

Sharing details about the deal, one source said,

“Tiger is leading a $100 million round, and existing investors including Steadview and Dragoneer are likely to participate. The terms of the deal are almost finalised and likely to be announced soon.”

INDmoney | One App For Your Money: Track, Plan, Save & Invest

Founded by Ashish Kashyap, INDmoney is a SuperMoneyApp that enables users to track, save and earn extra by automatically bringing their entire financial life across investments, loans, credit cards & taxes all in one app. 

On the business side, INDmoney witnessed a 2.3X jump in its total income to Rs 7.26 crore from Rs 3.17 crore in FY19. Additionally, the company’s total expenditure surged to Rs 19.12 crore during FY20 from Rs 3.06 crore in FY19.

The pandemic had led many people with disposable income and no place to invest to use these new-age fintech platforms to make and manage their investments. And because of this, startups in the investment management space are witnessing increased investor interest.

Additionally, the online brokerage segment witnessed around 11.3 million new Demat accounts being added between January 2020 to September 2021.

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