Financial offerings marketplace MyMoneyMantra receives investment from European investors

New Delhi-primarily based economic offerings marketplace MyMoneyMantra has raised Rs 104 crore ($15 million) from Dutch funding company IFSD BV and personal fairness firm Vaalon Capital. This is the primary external funding MyMoneyMantra has raised in its 30 years of existence, the employer said in a announcement on Wednesday. MyMoneyMantra founder and handling director Raj Khosla said the investment came when the company was trying to embark on its next phase of growth to capture a bigger proportion of the Indian consumer marketplace.

Financial

The enterprise goals to amplify its reach across India, invest in generation, and deepen its relationships with banks, non-bank creditors, and coverage agencies, he introduced. Incorporated in 1989, MyMoneyMantra enables clients get loan deals and credit score card offers on line. It has partnerships with greater than 90 economic institutions and ICICI Bank, HDFC Bank, Axis Bank, Citibank, PNB Housing Finance Ltd, and Tata Capital. It has 2,500 personnel and serves over four million clients from over 50 cities.

Adam Teeger, the adviser at Switzerland-primarily based Vaalon Capital, said the private fairness firm is “mainly excited” through the organization’s tasks centered on leveraging facts analytics, era, digital advertising, and marketing. Avalon Capital turned into based in 2016. The firm generally invests $15-seventy five million in a portfolio company, consistent with its internet site.

Fintech investment offers

The Fintech sector in India has attracted sizeable attention in current years, with many startups seeking to establish themselves in segments together with bills, lending, insurance, and private finance. Policybazaar is one of the most closely funded financial services marketplaces. Digital coverage platform RenewBuy secured Rs a hundred thirty crore in a Series B funding spherical led via impact task capital firm Lok Capital and IIFL Asset Management Ltd this month.

Kim James

Passionate student. Thinker. Incurable web geek. Beer evangelist. Proud organizer. Music scholar. Friendly reader. Tv specialist. Gifted in selling Slinkies in Deltona, FL. Uniquely-equipped for promoting UFOs in the aftermarket. Spent several months getting my feet wet with rocking horses in Africa. Once had a dream of supervising the production of soap scum for the government. What gets me going now is supervising the production of junk bonds in Phoenix, AZ. In 2009 I was donating tinker toys in the financial sector.

Read Previous

Wipro Q1 earnings falls four%, margin beats estimates;

Read Next

NITI Aayog hires offerings of at the least six multinational consultancy corporations to perform studies throughout key regions of the government