Hardeep Singh
INDmoney is a one-stop SuperMoneyApp for all your finances. The application automatically organises your finances, helps you to plan your goals, and uses machine learning to help you save and invest at Zero commissions.
INDmoney (previously known as INDwealth) was launched in 2019 with the aim of delivering a better financial future to individuals and families. The brand is owned by Finzoom Investment Advisors (p) Ltd, a SEBI registered Investment Advisory entity. The company is backed by investors such as Tiger Global, Steadview Capital, and Dragoneer.
Startup Story
INDmoney began its journey in 2019 as a wealth management application, supporting customers with monitoring their investments and expenses and putting forth monetary aims via the use of AI. However, it rapidly expanded its contributions to allow consumers to make such investments and expenses on the real application — with no commission. The firm, which has over 3.5 million customers, allows them to invest in mutual funds, bonds, and stocks. On the app, INDmoney also provides stocks from the United States.
“We created INDmoney after seeing that consumers’ concerns about money are not at the individual level, but rather at the family level,” he was heard speaking in an interview.
About INDmoney
According to Kashyap, who previously helped to develop travel ticketing service Goibibo and financial services giant PayU, the startup, which works with banks and non-banking monetary establishments, intends to further broaden its item stack to provide loaning and card to customers.
According to him, INDmoney is focusing on the “mass affluent” age range of 21 to 45. According to him, the firm plans to transfer the new assets in order to make further advancements and acquire additional clients. “We have invested significantly in AI, which manages our robo consultant and inventive work. A large portion of the additional funds will be used to expand our innovation, he was heard quoting.
Because of the proliferation of modern investment apps like INDmoney, Jar, and Dhan, a big number of Indians are beginning to undertake unprecedented investments for the first time in their life.
Founder
Ashish Kashyap is the founder of INDmoney and the co-founder of several businesses like Goibibo, PayU, and many others. He is one of the finest professionals and entrepreneurs and devotes himself wholeheartedly to achieve what he desires.
Ashish Kashyap is a person who is always ready to capture opportunities and works in many companies. He also has an amazing capacity to gather people behind him and have them perform with intensity.
Launching
According to the company, INDmoney has brought on board 3.5 million enrolled consumers on its foundation since its launch, which records more than $15 billion in speculation. With its card product, the group intends to provide credit lines ranging from Rs 75,000 to Rs 1 lakh. Last year witnessed the rise of many executives in fintech, which raised a large amount of cash.
Funding
INDmoney has secured around $75 million as part of its ongoing investment round led by a group of current financial investors.
According to administrative documents, Steadview Capital, Tiger Global, and Dragoneer Investment Group all contributed $25 million to the aggregate commitments, which valued INDmoney at $640 million post-speculation.
INDmoney, which is valued at about $600 million in the latest round, is aiming to raise an additional $10 million from an asset, according to Kashyap, who is also explicitly investing resources into the new round.
So far, INDmoney, which has offices in Gurugram and Bengaluru, has raised $133 million. A substantial portion of the capital it has raised throughout the years is still in the bank.
With the inclusion of additional financial partners, the most recent subsidised round is expected to see another combination of $10 million over the next couple of weeks.
INDmoney CEO Ashish Kashyap, who previously founded traveling booking site Goibibo, also contributed to the additional financing. Kashyap declined to comment on the new financial supporters because the deal has not yet closed.
