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Siply raises $19 Mn in pre-Series A round

Micro-savings platform Siply has raised $19 million in its pre-Series A round led by QI Ventures. The round also saw participation from existing investors, LetsVenture, and JITO along with angel investors such as Vivek Sunder.

The current round will pave the way for Siply to be operationally cash positive, which it is targeting by mid of next year, said the company in a release. Siply is also targeting acquisitions in this space over the next few months.

Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, Siply has registered 3600% growth in user base, with a 3200% growth in funded accounts. With about over 6 million accounts opened, with 8.5 million transactions, Siply has also seen a massive increase in monthly transacting users. Over the last 12 months, Siply claims to have disbursed around 149 crore across 1,50,000 loans with zero NPA.

Siply has grown 22X since its last round, and is projected to reach a $12 million revenue run rate and $80M AUM by March 2023. It further expects to achieve $750 million AUM by March 2024 with a $51 million revenue run rate

Previously, Siply had raised $3.2 million back in August 2021 that saw participation from LetsVenture, Founder Room Circle, and angel investors like Kunal Shah (Cred), Beerud Sheth (Gupshup) along with existing investor JITO Angel Network. 

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