India’s 30-year-old MyMoneyMantra increases $15M to scale its economic offerings market

MyMoneyMantra, a 30-12 months-antique New Delhi-based company that operates a marketplace of economic offerings, has raised $15 million in its maiden investment round from an external supply to extend its offerings and reach inside the kingdom. Dutch investment firm IFSD BV and personal fairness firm Vaalon Capital funded the $15 million round in MyMoneyMantra, the Indian firm stated on Wednesday. A person familiar with the problem said the round valued MyMoneyMantra at about $50 million.

The organization’s founder, Raj Khosla, stated MyMoneyMantra, which employs about 2,500 employees and serves over four million clients across 50 towns, will use the capital to discover methods to seize a larger percentage of the market. Khosla stated the company would work closely with Vaalon Capital’s group to expand its offerings and deepen its ties with banks and coverage businesses. In the economic yr that led to March, MyMoneyMantra generated a revenue of $19.6 million.

MyMoneyMantra works with over 90 banks, non-financial institution lenders, and insurance companies to help clients get deals on loans and credit playing cards. The firm, which competes with BankBazaar and Andromeda in India, has completed an enterprise of over $5.5 billion so far.

Today’s statement underscores buyers’ growing hobby in India’s fintech marketplace that saw tens of millions of users attempt digital price services for the first time after the Indian government banned a few paper bills. Cash still dominates most of the transactions in u. S. India’s fintech startups raised $285.6 million in the zone that resulted in March this yr, thereby surpassing China to emerge as Asia’s top fundraising hub for the financial era, according to CBInsights.

And that momentum continues. In recent months, a score of startups trying to assist India’s subsequent hundreds of millions of users to access economic services has secured extensive capital from principal investors. While some startups, including Open and Niyo, are running “neo banks” to assist blue-collar people in accessing economic services, many massive names like Paytm and Ola have launched their own credit score playing cards.