[the_ad id="83613"]

INDmoney raises $75 Mn at over $600 Mn valuation

Wealth management company INDmoney has scooped up $75 million in a new round from existing investors including Tiger Global. The fresh funds for the Bengaluru-based company has come after a gap of two years.

INDmoney has approved the allotment of 42,636 Series D preference shares at an issue price of Rs 562.5 crore or $75 million. Tiger Global, Steadview Capital  and DF International Partners have put Rs 187.5 crore or $25 million each

Entrackr had exclusively reported about this round in INDmoney in November. The Ashish Kashyap-led company has raised $133 million since its inception in 2019.

Following the fresh allotments of shares, Kashyap’s holding has been diluted from 35.63% to 31.09%. Steadview, Tiger Global and DF International Partners have increased their respective holdings to 37.32%, 17.66% and 6.4%.


According to our data tracking platform Fintrackr’s estimates, INDmoney has raised the fresh funds at a post-money valuation of $605 million.

INDmoney helps users manage money across investments, loans, expenses and taxes via a single platform. The firm also uses its robo-advisor to guide customers, most of them between the age group of 25-45. It also started offering third-party loans genres such as home, personal, against property and against investments.

INDmoney directly competes with Groww, Upstox and Zerodha. In October, Groww had raised $251 million round at a valuation of $3 billion. Upstox also raised fresh funds at a valuation of $3.4 billion. It’s worth mentioning that Tiger Global is a common investor in all three: INDmoney, Groww and Upstox.

While the company is yet to file its annual financial statements for FY21, it recorded operating revenue of Rs 1.07 crore in FY20. The company’s total expenditure surged to Rs 19.12 crore in FY20 from Rs 3.06 crore in FY19.

About Author

Send Suggestions or Tips