Fello bags $4 million in latest funding round led by Courtside Venture among others
- ByStartupStory | January 5, 2023
Fello, a game-based savings app, has raised $4 million in a new funding round led by US-based Courtside Ventures, with participation from Entrepreneur First, Ycombinator, Kube Venture, and Upsparks. Previously, the company raised $1 million in its seed round in November 2021.
Fello plans to use the funding to create unique gamified financial products, hire top talent across functions, and grow its user base to millions in India’s tier-1 and tier-2 cities.
“This reaffirms our vision of becoming India’s preferred ‘fun-ancial savings app’ that combines finance and gaming. We are confident that with our accelerated growth and expansion, we will be able to reach our target of 5 million users by December 2023.” Manish Maryada, Co-founder and CEO, Fello, said.
Shourya Lala, Co-founder and CTO, Fello said, “Of the 846 million internet users in India, nearly 433 million play games on their mobile phones, two or three times a week. Of this, 75% of internet users are between the age group of 18-30, and interestingly, they shy away from saving and investing. With this fundraise, we aim to accelerate our product development, market penetration, and talent acquisition.”
This round was also attended by angel investors Kunal Shah, Founder of Cred, Lalit Keshre, Co-Founder of Groww, Charlie Songhurst, Dafeng, and Alan Rutledge.
Fello, a game-based savings platform that incentivizes users to save and grow their money while earning higher returns than traditional savings accounts. Users earn the right to participate in games and lotteries by saving and investing on the platform, which makes saving fun and intuitive. The platform was co-founded by Manish Maryada and Shourya Lala in 2021.
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