[Funding alert] Micro-savings platform Siply raises $3.2M in pre-Series A round

Bengaluru-based micro-savings platform, Siply announced that it has raised $3.2 million in equity and debt as part of its pre-Series A funding round.

The round was led by LetsVenture, AngelList India, and Founder's Room Circle and saw participation from investors including Kunal Shah (CRED), Beerud Sheth (Gupshup), Satish Grampurohit (ex-Infosys), Shanti Mohan (LetsVenture) and Pratekk Agarwaal (angel investor, ex CBO-BharatPe). In addition, existing investor JITO Angel Network also participated in the round.

Sousthav Chakrabarty, Co-founder and CEO of Siply, said,

“Financial inclusion is still a distant reality for our country. With Siply, we are dedicated to serving Bharat and playing a crucial role in enabling every individual in the country with micro-savings and investments solution. With these funds, we shall further the reach of Siply to over 400 towns and strengthen our team and tech.”

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“The support of our angels is a testimony to the relevance of our model and solidifies our belief in Siply becoming the new-age solution for masses across segments in the country,” Sousthav added.

Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, Siply is a fintech startup that claims to cater to 40 crore underserved masses, making them financially independent. This micro-savings app provides frictionless savings with the help of a vernacular approach, digital onboarding, instant withdrawal, and a wide range of investments.

With this traction, Siply plans to soon raise Series A round, and in the next 12 months, reach one crore users and process three crore transactions, with overall savings of Rs 600 crore and disburse over Rs 500 crore in loans through its micro-credit offering.

Commenting on the investment, Pratekk Agarwal, Serial Entrepreneur and Ex-CBO - BharatPe said,

"Siply is a unique combination of experienced founders with a problem statement large enough, and no one is able to crack this space so far. The platform allows users to save directly from their source of income digitally which is a behavioural change in itself and the product pipeline on savings , investments and lending looks extremely powerful. This is backed by the 20X traction in user growth from 80k users to 15 lakh users in 4 month , launch of lending product from 0 to 30 Cr in 3 months with 100 percent repayment . This makes the model highly potent and scalable."

In just 14 months, Siply has attained over 15 lakh users who have collectively processed 20 lakh transactions, amounting to total savings of Rs 150+ crore. These are via the 37+ large partnerships, including Swiggy, Awign, Hesa, Apna, MoneyTap, and Grameen, to name a few.

Siply is the winner of the YCC 2020 Future Stars Startup Competition.