[Funding alert] Wealth management platform INDmoney raises $75M in Series D

Wealth management platform INDmoney has raised $75 million in Series D round from marquee global investors Steadview Capital, Tiger Global, and Dragoneer Investment Group. Following this Series D round, INDmoney’s total capital raise stands at $133 million with an approximate balance capital available of $120 million besides additional capital from other incoming investors, according to a press release from the company.

According to media reports, upon the latest funding round, INDmoney’s valuation is reportedly pegged at around $640 million, making it a soonicorn

INDmoney will use this money to create a ‘Super Banking platform’ and a one-stop shop for people’s investments and expenses, the release stated.

Founded in 2019, INDmoney is an application that helps users track their investments and expenses while enabling them to set financial goals for themselves. It is a single platform that allows the customers to invest across different instruments like fixed deposits, bonds, stocks and mutual funds. 

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“The fact that our current investors Tiger, Steadview and Dragoneer are doubling down and new investors are joining, further validates the power of the platform and the strong execution capabilities of the team,” said Ashish Kashyap, Founder, INDmoney. 

“We are very excited with the amount of consumer love that we have received for INDmoney. This is driven by the fact that we are solving a very large and difficult problem in the Financial Services space of truly becoming the one stop shop for family’s finances,” he added.

Since 2019, the startup has gained 3.5 million registered users who track more than $15 billion of their investments using the platform. 

INDmoney intends to acquire 25 million more users through inorganic growth activities and further invest in Research and Development as well as technology, the company said in a statement. It will also add stock brokerage stack and credit products to its existing set of offerings.

Following this Series D round, INDmoney’s total capital raise stands at $133 million with an approximate balance capital available of $120 million besides additional capital from other incoming investors. 

“Steadview has been especially impressed with the INDmoney team’s ambition and execution towards building India’s premier digital bank, redefining how people build financial security with a user-friendly, easy-to-use, mobile-native platform,” said Ravi Mehta, Founder, Steadview Capital.