GoDutch – India's answer to Splitwise – raises funds from Matrix Partners, Tinder and Twitch co-founders among others
GoDutchhas raised $1.7 million in a seed funding round led by Matrix Partners.
- The startup founded by IIT Bombay graduates Aniruddh Singh, Riyaz Khan and Sagar Sheth is targeting India’s millennial market which spends along with friends.
- Launched in May 2019, the startup also offers a virtual card along with CBS Bank.
AdvertisementIndian payments platform GoDutch has raised $1.7 million from Matrix Partners. The seed funding also saw participation from Y Combinator, Global Founders Capital, Soma Capital, VentureSouq and marquee angel investors such as Justin Mateen (Co-founder, Tinder), Kevin Lin (Co-founder, Twitch), Rohan Angrish (Head, ICICI Labs) and Sumon Sadhu.
The startup founded in 2019 by IIT Bombay graduates Aniruddh Singh, Riyaz Khan and Sagar Sheth is targeting India’s millennial market which spends along with friends.
The startup simplifies group payments allowing users to record, split and automatically settle transactions.
“As young millennials, a large part of our lives are spent with different groups such as flatmates, office colleagues and friends we go out with. We’ve built goDutch so that you can truly enjoy your group experiences and create amazing memories without stressing over how to manage the group expenses,” said Sagar Sheth, Co-founder and CEO, goDutch in a statement.
The idea behind the startup is to do away with that awkward moment at the end of an outing – who pays and how do we pay them back. “Our group experiences are affected by awkward hassles in settling expenses with our friends. We tackle this intricate social problem in one swipe of the goDutch card and provide our customers with a quick & effortless experience in these tricky situations,” said Aniruddh Singh, Co-founder and COO.
GoDutch is the Indian equivalent of
“While many existing apps allow recording of group transactions, none of those enable seamless peer-to-peer settlements or real-time splitting. It’s a real pain point for young adults and if solved well, the product has the potential to grow virally,” said Rajat Agarwal, Director at Matrix India.
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