BranchX, an AI-powered Indic neobank, has raised $900,000 in a bridge funding round led by Abdul Khaliq and Rais Motlekar. Additionally, BranchX’s existing angel investor Afzal Modak co-invested in this bridge round.
The proceeds will be used in ramping up BranchX’s expansion plans, supporting product enhancement, and advancing the development of Xenie, a Gen AI voice assistant solution that encompasses retail connect, loyalty programs, and rewards system.
Founded in 2020 by Rajesh Johnny and Sajid Jamal, BranchX provides a comprehensive ﬁnancial utility solution via Raja Rani cards to millions of individuals residing in semi urban areas and towns, aimed at promoting ﬁnancial wellness in Bharat.
BranchX claims to have already amassed over 30,000 wallet users, a network of 3,000 agents and conducted transactions exceeding $20 million in the ﬁrst half of the current ﬁnancial year.
Last year, the startup had raised $2.3 million in its seed round.