Siply Raises $19 Mn pre-Series A funding round led by QI Ventures
- ByStartupStory | June 15, 2022
Siply, a fintech firm, has raised $19 million in a pre-Series A funding round led by QI Ventures, which included a mix of loan and equity financing. Existing investors LetsVenture and JITO, as well as angel investor Vivek Sunder of Cuemath, participated in the round. The funds will be used to make Siply’s business cash positive and to acquire fintech firms. It will also use the funds to start a chit fund.
The Bengaluru-based firm, founded in 2020 by Sousthav Chakrabarty and Anil Bhat, provides consumers with micro-saving investment options, loan solutions, and insurance plans. It allows users to invest in gold and equity stocks under the micro-savings category. It provides advanced salary loans in the credit category, as well as accidental and group insurance to consumers in the insurance area.
LetsVenture, AngelList India, Founder Room Circle, Kunal Shah, Beerud Sheth, Satish Grampurohit, Shanti Mohan, and Prateek Agarwal all contributed $3.2 million to Siply’s pre-Series A investment round in November 2021. The business had previously collected $1 million in a venture fundraising round in January of last year.
Siply currently has over 6 million active accounts and has processed over 8.5 million transactions. In the last 12 months, it has issued INR 149 crore to users through 1,50,000 loans, according to a statement. Siply claims to have a $1 million revenue run rate right now. By March 2023, it wants to generate $12 million in income and have $80 million in assets under management (AUM). In the investing tech space, the company competes with Decimal, Small case, Niyo, and Jar.
Between 2015 and 2020, India’s investment tech sector received $379 million in funding. By 2025, the industry is expected to be worth $14 billion, with a CAGR of 22.4 per cent. Recently, the industry has seen a flurry of activity. Jiraaf, an alternative investment platform, received $7.5 million in Series A funding this month from Accel Partners, Mankekar Family Office, and Aspire Family Office’s, Dr Bhaskar Shah.
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