INDmoney Raises $11 Mn From Sixteenth Street Capital, Peyush Bansal, Ankur Warikoo In Series D Funding Round

Neobanking platform INDmoney has completed its Series D round by raising $11 Mn from Singapore-based Sixteenth Street Capital, Peyush Bansal, founder, Lenskart, and influencer and founder of Nearbuy.com, Ankur Warikoo.

Notably, the funding round also saw participation from the startup’s employees and the founder Ashish Kashyap.

The latest fundraise completes a funding round worth $86 Mn for INDmoney after it first raised $75 Mn in January from Tiger Global, Steadview Capital, and Dragoneer Investment Group.

Back then, as per the regulatory filing accessed by Inc42, the three investors have equally pumped in close to $25 Mn for 14,212 Series D compulsory convertible cumulative preference shares. With the current round, it has raised a total of $86 Mn at a valuation of $640 Mn.

Talking with Inc42, Ashish Kashyap, founder of INDmoney said, “It is a great validation when your own customers and team members invest behind the mission. Peeyush and Ankur are avid users of our platform and they themselves asked to participate in the funding round. Plus, with the current environment of ESOPs, my teammates saw it as a great opportunity to participate [in the funding round].”

Notably, the funding round saw Sunny Bajaj (chief compliance officer & general counsel), Divyang Bhardwaj (head of marketing), Ankur Goyal (strategy & finance) & Vinay Saraf (head of finance) investing in INDmoney.

Kashyap said that it is a great validation when the team members and the customers participate in the project, calling it ‘exemplary’.

In a statement, Peeyush Bansal, founder and CEO, Lenskart, said, “There are very few product companies in India which are scaling on the back of consumer experience and deep tech vs advertising. I have been using INDmoney, and it is an amazing product with global potential, and that’s what I love about it.”

Ankur Warikoo said, “As an active user of INDmoney and a proponent of disciplined investing, I am thrilled to get the opportunity to participate in INDMoney’s journey as an investor as well.”

Founded by Ashish Kashyap in 2019, IndMoney claims to be a one-stop SuperMoneyApp for all finances. The app organises users’ finances, helps them to plan their goals and uses machine learning to help them save and invest at zero commissions.

INDmoney likes to call itself the ‘CFO’ to its customers’ families.

With the help of the app, users can invest in the stock market, mutual funds, US stocks, bonds, and fixed deposits. The startup’s website claims that it has over 3 Mn customers and around 2 Mn Indians trust its INR 1 Lakh Cr investment on the INDmoney app.

INDmoney has posted total earnings of INR 7.25 Cr during the financial year ending on March 31, 2020, a 128% increase from INR 3.17 Cr it posted in FY19. 

The startup’s expenses rose to INR 19 Cr in FY20, an almost 6X rise from INR 3.06 Cr in FY19. 

In FY20, INDmoney posted a total loss after tax of INR 11.73 Cr, an almost 180X rise from INR 6.4 Lakh.

The advent of online stockbroking platforms has sparked an interest among millennials in the growing stock market. The Indian investment tech market is poised to grow to over $60 Bn by FY25, from its current market size of $20 Bn. 

Apart from Upstox, Groww and Zerodha, Vijay Shekhar Sharma’s Paytm Money, Amazon-backed smallcase and ETMoney are also tapping the market.