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.
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.