Wealth management platform has raised $11 million in a series D round led by Street Capital, with participation from lenskart’s founder peyush bansal.
IndMoney, a wealth management platform, has secured an additional $11 million in a fundraising round headed by Singapore-based Sixteenth Street Capital.
The company’s continuing campaign has ended at $86 million, valuing it at $650 million post-money.
Lenskart founder Peyush Bansal and Nearbuy co-founder Ankur Warikoo were among the other investors in the round.
Ashish Kashyap, founder and CEO of IndMoney, has also invested in the latest round, as have numerous other top executives in the firm, including general counsel Sunny Bajaj, marketing head Divyang Bhardwaj, strategy head Ankur Goyal, and finance head Vinay Saraf.
The firm will get an additional $10 million from new investors After that, the business received $75 million from existing investors such as Steadview Capital, Tiger Global, and Dragoneer Investment Group.
So far, IndMoney has raised a total of $144 million.
The firm, which was founded in 2019, allows users to manage and organise their money on a single platform and helps them invest in a variety of financial instruments such as mutual funds, term deposits, bonds, and US equities. It also aids users in their financial planning.
In the coming quarter, the business intends to offer a credit-card-based solution for users, which will be tied to its neo-bank. It has also secured the requisite licences to launch its stock trading platform, via which customers will be able to participate in Indian shares.
IndMoney claims to have four million registered users and to have helped facilitate $1.1 billion in investments.
“As an active user of IndMoney and a proponent of disciplined investing, I am thrilled to get the opportunity to participate in IndMoney’s journey as an investor as well,” Warikoo said in a statement.
Kwatra, the founder of Sixteenth Street Capital, said: “Technology-enabled, mobile-first financial services providers are reaching and catering to previously un-serviced customer segments… Sixteenth Street is excited to partner with the IndMoney team.”
Groww, a stock trading platform, received $251 million in October from Iconiq Growth and others, tripling the startup’s worth to $3 billion in only six months. The business is currently in discussions to secure another round of funding at a possible valuation of $5 billion.
Cred, helmed by serial entrepreneur Kunal Shah, is also in discussions to fund $200-$250 million in the next weeks at a valuation of around $6 billion. Cred is gearing up to enter the stock market and is finalising arrangements to purchase investment site Smallcase in a share swap.