Siply raises $3.2M in pre-Series A round
Siply recently announced that it raised $3.2 million in its pre-Series A round led by LetsVenture, AngelList India, and Founder’s Room Circle. The round also saw participation from JITO Angel Network and investors like Kunal Shah (CRED), Beerud Sheth (Gupshup), Satish Grampurohit, Shanti Mohan (LetsVenture) and Pratekk Agarwaal.
The micro-savings platform plans on using the capital raised to expand operations and focus on talent acquisition.
Siply CEO and co-founder Sousthav Chakrabarty said, “Financial inclusion is still a distant reality for our country. With Siply, we are dedicated to serving Bharat and playing a crucial role in enabling every individual in the country with micro-savings and investments solution. With these funds, we shall further the reach of Siply to over 400 towns and strengthen our team and tech.”
Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, the Bengaluru-based Siply is a micro-savings app that provides frictionless savings with the help of a vernacular approach, digital onboarding, instant withdrawal, and a wide range of investments.
Commenting on the investment, investor Pratekk Agarwal said, “Siply is a unique combination of experienced founders with a problem statement large enough, and no one is able to crack this space so far. The platform allows users to save directly from their source of income digitally which is a behavioural change in itself and the product pipeline on savings , investments and lending looks extremely powerful. This is backed by the 20X traction in user growth from 80k users to 15 lakh users in 4 month , launch of lending product from 0 to 30 Cr in 3 months with 100 percent repayment . This makes the model highly potent and scalable.”
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