MyMoneyMantra, a 30-year-old New Delhi-based agency that operates a market of economic providers, has raised $15 million in its maiden funding spherical from an exterior supply to develop its choices and attain within the nation.
Dutch funding agency IFSD BV and personal fairness agency Vaalon Capital funded the $15 million spherical in MyMoneyMantra, the Indian agency mentioned on Wednesday. An individual accustomed to the matter mentioned the spherical valued MyMoneyMantra at about $50 million.
The firm’s founder Raj Khosla mentioned MyMoneyMantra, which employs about 2,500 workers and serves over four million prospects throughout 50 cities, will use the capital to discover methods to seize a bigger share of the market.
Khosla mentioned the agency would work carefully with Vaalon Capital’s group to develop its choices and deepen its ties with banks and insurance coverage corporations. In the monetary 12 months that led to March, MyMoneyMantra generated a income of $19.6 million.
MyMoneyMantra works with over 90 banks, non-bank lenders, and insurance coverage corporations to assist prospects get offers on loans and bank cards. The agency, which competes with BankBazaar and Andromeda in India, has finished enterprise of over $5.5 billion thus far.
Today’s announcement underscores traders’ rising curiosity in India’s fintech market that noticed tens of thousands and thousands of customers check out digital cost providers for the primary time after the Indian authorities banned some paper payments. Cash nonetheless dominates a lot of the transactions within the nation.
India’s fintech startups raised $285.6 million within the quarter that led to March this 12 months, thereby surpassing China to turn out to be Asia’s prime fundraising hub for monetary know-how, in response to CBInsights.
And that momentum continues. In latest months, a rating of startups which are making an attempt to assist India’s subsequent tons of of thousands and thousands of customers entry monetary providers have secured vital capital from main traders. While some startups resembling Open and Niyo are working “neo banks” to assist blue-collar employees entry monetary providers, many massive names like Paytm and Ola have launched their very own bank cards.
