Delhi-based fintech startup Plutos ONE has raised its maiden funding round from a clutch of angel investors such as Aakash Chaudhary, Prabhjeet Singh, Neeraj Mohan, Gautam Kamath, Swordfish Ventures, Raghuvanshi Investments, Sarcha Advisors, Ravi Gosain, Harish Uniyal, Akhilesh Singh, Dinkar Devgan, and Cogniphy LLC also participated in this round.
The fresh capital will be deployed for expanding the team and building the core platform, the company said in a press release.
While India has 900 million people who have bank accounts, a major chunk of banked people doesn’t use them beyond deposit and withdrawal services. plutos ONE wants to equip banks to engage and monetize their customers through incentives. In a nutshell, it lets people earn cashback, vouchers and other gifts every time they transact. The company also plans to offer investment products for users in the coming months.
Founded by Rohit Mahajan and Rajjat Gulati, plutos ONE will enable banks to start bill payments and increase digital spending by creating micro products for them. According to the company, it’s targeting to onboard 500K users by Diwali and 1 million by the end of the ongoing fiscal year (FY23). It claims that it’s in process to onboard five large banks on its platform in the current fiscal.