It’s a neobanking platform founded in 2019 by Ashish Kashyap. It allows users to track their finances on a single platform and helps them invest across various financial instruments including stocks, mutual funds, bonds and fixed deposits.
The company had raised $75mn from existing investors including Tiger Global, Steadview Capital, and Dragoneer Investment Group. Also they have raised additional $11mn from Singapore-based Sixteenth Street Capital, Peyush Bansal, founder, Lenskart, and influencer and founder of Nearbuy.com, Ankur Warikoo.
Company has raised total $144mn so far. Company claims that it has over 3mn customers and around 2mn Indians trust its 1 Lakh Cr Rs investment on the INDmoney app.
The current size of Indian investment tech market is $20bn and is expecting to grow at $60bn by FY25. There is a very strong competition between stockbroking platforms like Zerodha, Upstox, Groww, Paytm Money, Smallcase and ETMoney.