INDmoney raises $75M for its super finance app in India – TechCrunch

Indian startup INDmoney has raised $75 million in a new round as it attempts to build a super finance app to become a one-stop shop for people’s investments and expenses, a top executive said on Monday.

Tiger Global, Steadview Capital, and Dragoneer co-led the startup’s $75 million Series D funding, said Ashish Kashyap, founder and chief executive of INDmoney, in an interview with TechCrunch.

The startup, which is valued at about $600 million in the new round, is working to raise another $10 million from a fund, Kashyap said. He is also looking to invest in the round. INDmoney, with offices in Gurugram and Bengaluru, has raised $133 million to date.

Founded in 2019, INDmoney started its journey as a wealth management app. In recent years, it has significantly expanded its offerings to become a neobank to its 3.5 million customers. The startup today allows its users to invest in mutual funds, bonds as well as stocks. (Users can also buy US-listed stocks from the app.)

“We evolved INDmoney through a lot of amazing insights that consumers’ problems with finances are not at an individual level, but at a family level,” he said in the interview.

The startup, which works with banks and non-banking financial institutions, is planning to further expand its product stack to offer lending and card to customers, he said.

This is a developing story. More to follow…