Fintech platform INDmoney to raise $100 million in a round led by Tiger Global Management
- ByTejika Bajaj | November 15, 2021
The fin-tech startup INDmoney is likely to raise $100 million in a funding round led by Tiger Global Management taking the valuation of the company to a whopping $500 million. The round is likely to see participation from existing investors Dragoneer and Steadview.
Prior to this, Tiger Global Management has invested in similar startups like Groww which recently attained the unicorn status and Upstox, a platform that allows users to manage their funds.
Founded in 2020 with headquarters in Bengaluru, INDmoney offers third party loans ranging from home, personal, against property and against investment. The company was founded by Ashish Kashyap (Co-founder of Goibibo) and uses robo-advisor to guide customers. The company’s consumer base majorly consists of people between the age group of 25 and 45.
Since its inception, the Bengaluru based startup has raised $58 million from investors such as Tiger Global Management, Steadview Capital and Drangoneer. The company is likely to use the funds raised for expanding its product offerings and expanding to new markets.
While the company is yet to file its annual financial statements for FY21, it recorded operating revenue of Rs 1.07 crore. The company recorded a 2.3X jump in its total income to Rs 7.26 crore from Rs 3.17 crore in FY19. During FY20, the company’s total expenditure surged to Rs 19.12 crore from Rs 3.06 crore in FY19.
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