Indian startup INDmoney has raised $75 million in a new round as it tries to build a super finance app to become a one-stop shop for people’s investments and spending, a top executive said on Monday.
Tiger Global, Steadview Capital and Dragoneer co-led the startup’s $75 million Series D funding, said Ashish Kashyap, founder and chief executive of INDmoney, in an interview with Ploonge.
The startup, valued at about $600 million in the new round, is working to raise another $10 million from a fund, Kashyap said. He also wants to invest in the round. INDmoney, with offices in Gurugram and Bangalore, has raised $133 million to date.
Founded in 2019, INDmoney started its journey as a wealth management app. In recent years, it has significantly expanded its offerings to become a neobank for its 3.5 million customers. The startup today allows its users to invest in mutual funds, bonds and stocks. (Users can also buy US-listed stocks in the app.)
“We evolved INDmoney through many surprising insights that consumers’ problems with finance are not at an individual level, but at a family level,” he said in the interview.
The startup, which works with banks and non-bank financial institutions, plans to further expand its product stack to offer loans and cards to customers, he said.
This is a developing story. More to follow…