Indian wealth management solutions provider INDmoney has raised around $75m in its financing round as it aims to make its finance app a one-stop solution for investments and expenses.
The financing round has seen participation of Steadview Capital, Tiger Global and Dragoneer Investment Group.
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As per the regulatory filings, these firms have invested $25m each.
Citing sources, Economic Times said that post investment, INDmoney is valued at around $640m.
The start up is expected to see another injection of $10m over the next few weeks with the foray of new investors, reported TechCrunch.
INDmoney chief executive Ashish Kashyap also invested in the financing round.
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By GlobalDataKashyap had earlier set up travel booking portal Goibibo.
Set up in 2019, INDmoney has so far raised $133m. It has offices in Gurugram and Bengaluru.
INDmoney’s wealth management app began with aiding users in tracking their investments and expenses and helping them set financial goals by leveraging machine learning.
The app later expanded its offerings to enable users make investments and expenses on the app itself with no commission.
The startup has garnered more than 3.5 million users.
It enables its members to invest in mutual funds, bonds and stocks.
The firm is also planning to introduce a credit-card based product linked with its neobank, which was launched in 2021 with SBM Bank India.
The startup will also commence domestic stock broking services, and is currently acquiring licences.
In an interaction with Economic Times, Kashyap said: “For us the motivation is very simple. We have acquired 3.5 million high-quality users, which is one of the hardest parts of running a fintech company.
“We will be using the capital proceeds to scale to 25 million to 30 million customers in the next 12-18 months.
“We are also working to build the trading or ordering system for our domestic stockbroking offering. Further, with access to rich data we will also look to issue native credit cards to our user base.”
