[Funding alert] MyMoneyMantra raises Rs 104 Cr from Dutch investment firm IFSD BV, Vaalon Capital
MyMoneyMantra will use the funding to further develop its pan-India reach, invest in technology, and deepen its existing financial partner relationships.Sujata Sangwan
MyMoneyMantra (MMM), a New Delhi-based omnichannel financial services distributor, has raised equity funding of Rs 104 crore from Dutch investment company IFSD BV and private equity and advisory firm Vaalon Capital.
MMM was advised by JB Capital on this first-ever external fund-raising by the company from Vaalon Capital.
The company will use the funding to further develop its pan-India reach, invest in technology, and deepen its existing financial partner relationships with NBFCs, banks, and insurance companies.
Speaking on the investment, Raj Khosla, Founder and Managing Director of MMM, said,
“We have been successfully disrupting the retail financial product landscape for the last decade through innovative marketing and technology. We have been clocking impressive year-on-year growth across our extensive product suite. This investment is a fantastic endorsement from an international partner and comes at an opportune time, as we are eager to capture an even larger share of the rapidly expanding Indian consumer market.”
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Founded in 1989, MMM and its 2,500 employees currently serve over four million customers from more than 50 cities. It has partnered with over 90 financial institutions including ICICI Bank, Axis Bank, HDFC Bank, Citibank, Tata Capital, SBI, Standard Chartered, and Deutsche Bank, among others.
The company has distributed Rs 7,000 crore worth of credit-related products through its platform in FY 2019.
Adam Teeger of Vaalon Capital added,
“We have been very impressed with the quality of the MMM team, their longstanding relationships with NBFCs, banks and insurers and their robust processes and platform. They have a proven record of customer-focused service delivery and an established track record of success. We look forward to partnering with them to help drive the company’s next phase of growth.”
Founded in 2016, Vaalon Capital is focussed on making long-term investments in companies with significant growth potential. Its investment ticket size ranges from $15 million to $75 million and focusses on both developed and emerging markets.
(Edited by Saheli Sen Gupta)