A startup that helps underserved Indians save & invest in gold, stocks bags $19 million
- Micro-savings app
Siplyhas raised $19 million in a round led by QI Ventures.
- Siply offers saving products such as smallcase investing for as low as ₹100 per unit.
- It has processed 8.5 million transactions across 6 million accounts since 2020.
AdvertisementMicro-saving app Siply — which helps underserved users borrow and save money — has raised $19 million in a round led by QI Ventures.
The pre-Series A round also witnessed participation from existing investors LetsVenture and JITO. Angel investors such as CueMath’s CEO Vivek Sunder, former chief operating officer (COO) of Swiggy, also invested in the round.
Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, Siply offers saving products such as smallcase investing for as low as ₹100 per unit. It also offers savings in gold, digital chit fund and free-to-open national pension scheme.
The two-year-old startup — which offers service across 11 local languages to target underserved users — also works with corporations to offer micro-loans to their employees.The company has processed 8.5 million transactions across 6 million accounts since its inception.
The company has disbursed loans worth ₹149 crore across 150,000 loans over the last 12 months. None of these loans were non performing assets (NPA), Siply emphasized.
“They are possibly the only business on a mission to convert a significant portion of 40 crore of India’s tier 2 population into net saving customers from net borrowing customers, when most other Fintechs are focusing on lending. Their intense focus on savings will not only positively impact the lives of the common Indian by inculcating a savings habit,” Ayan Chatterjee from QI Ventures, said.
Siply currently has a revenue run rate of $1 million, which is projected to reach $12 million by the end of this fiscal year. The company claims that its assets under management (AUM) would also touch $80 million by this period.
Prior to this, the company raised $3.2 million in August 2021.
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