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Noida-based fintech company InMotion Media Ventures has received an undisclosed amount in Pre-Series A round of funding, led by online pharmacy 1mg’s founders Prashant Tandon and Gaurav Agarwal.
Other investors in the round included Gaurav Bhogle, Shrishti Sahu, Shantanu Mathur, and Prabhat Agarwal. The round is not yet closed and InMotion is looking to raise a total of $225K (INR 1.5 Cr) from other investors.
The money will be used for expansion of its network and operations to Tier II and Tier III cities in north India. It will also be used for product development.
InMotion was founded in 2015 by Durgesh Nandann. The company is building a financial ecosystem for daily wage-earning communities and low-income groups, primarily focussing on auto rickshaw drivers. It has created a tech-based platform to assist daily wage laborers in financial, healthcare, and educational matters via its network of ‘Bachat Mitra’ kiosks across Delhi.
Commenting on the funding, Durgesh Nandann, founder, InMotion Media Ventures told Inc42, “There are a quarter to billion people who are still underbanked and unbanked and we think it’s a solvable problem.”
InMotion’s app claims to transfer money in any bank account in India in real-time. It also offers the service to build a credit score to its users and enables them to access financial, insurance, and pension services as well.
Talking about the investment, Prashant Tandon, co-founder, 1mg said, “I look forward to seeing Durgesh and InMotion make a real impact in bringing financial inclusion to the masses. This is a space that needs to be addressed and I am glad I have a chance to support Durgesh as he goes about changing this ecosystem for the best.”
According to its official website, the company has 50 Bachat Mitra Kiosks across Delhi and is currently connected with more than 5,000 auto-rickshaw drivers through a network called ‘Bachat Mitra Club.’
InMotion raised an undisclosed amount of Seed funding from Prabhat Agarwal, Rajiv Agarwal, and Abhinav Krishna in July 2015, according to an official statement.
Fintech startups that recently got funding are InCred Finance ($75 Mn), NiYO Solutions ($1 Mn), ScripBox (Undisclosed), Celerix ($400K),CreditVidya ($2 Mn), ClearTax ($2 Mn) among others.
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