Remigos raises 58 lakh from Indo Thai Securities and Angels

• ByStartupStory     |    January 5, 2023

Remigos, a startup based in both London and Indore, has raised Rs 58 lakh in a pre-seed round led by Indo Thai Securities Ltd, with participation from several other angel investors. 

Sarthak Doshi, a London Business School alumni, founded Remigos in June 2022 as a one-stop platform for international students to automate immigration tasks, set up lifestyle solutions while in India, and cross-border access payments and international banking.

“From the day I landed in the UK for my education, it took me 3-4 weeks just to access essentials like a permanent phone number and a UK bank account. Once I reached London, it was also impossible to get access to affordable services to get money here. Since then, it has been my passion to solve this problem,” Sarthak Doshi said. 

The company’s press release states that the raised funds will be used to expand the product and create a superior customer experience. In order to increase its customer base, the business also intends to expand its partnerships. 

Offering immigrants comforts from their home country in the new country is the company’s vision. Sarthak says, “We are a team of immigrants making it not only remarkably simple but also affordable for the immigrants. A lot of students from not-so-privileged backgrounds end up paying more than Rs. 100,000 in hidden and unnecessary fees, which add up to their loans. We not only improve the lives of millions of students, but also bring prosperity to their families. That is what keeps us awake at night.” 

The market for students who are studying abroad is expanding the quickest in India. More than 750,000 students travel abroad each year. According to Remigos, the company has already started one channel from India to the UK and plans to start more next year in the US and Canada.  The startup claimed that it would already be serving 50% of the entire Indian market in these three regions. They already have a license from the RBI for their launch, and they assisted more than 250 beta users in receiving Rs 6 crore from India. 

Rajendra Bandi, Director at Indo Thai Securities, commented on the investment as follows: “ We are extremely excited with our investment in Remigos. Remigos is solving a huge pain point for customers and this market is ready to be disrupted. We are impressed by the team’s strong execution with such limited capital. They are already demonstrating strong margins and this round will enable them to scale the product to a wider audience.”

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