Tiger Global and Steadview invest $86 million in wealthtech startup IndMoney, which is valued at more than $640 million
IndMoney’s latest fundraise has been confirmed by Ashish Kashyap, the company’s creator. IndMoney is raising a total of $86 million with a valuation of roughly $640 million, according to Kashyap. In the following months, he said, the business will use the new funds for inorganic expansion, client acquisition, and building a credit stack.
IndMoney, a wealth management firm, has raised over $76 million in a new round of funding headed by Tiger Global, Steadview Capital, and Dragoneer (DF International) at a valuation of $600 million.According to a regulatory document obtained by Inc42, the three investors have invested about $25 million in total for 14,212 Series D compulsory convertible cumulative preference shares.
Steadview Capital currently owns close to 37.32 percent of IndMoney on a fully diluted basis as a result of this investment. Tiger Global owns 17.66 percent of the company, while DF International will own roughly 4.25 percent.IndMoney raised over INR 87 Cr in its Series C funding round almost two years ago from the same collection of investors, including Tiger Global, Steadview, and DF International.
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