INDmoney, a wealth management firm, has raised $75 million in a new round of funding from existing investors including Tiger Global. The new funds for the Bengaluru-based company come after a two-year hiatus.
INDmoney has approved the allotment of 42,636 Series D preference shares at a price of Rs 562.5 crore (approximately $75 million). Tiger Global, Steadview Capital, and DF International Partners have each invested Rs 187.5 crore (approximately $25 million).
Kashyap’s stake in the company has been reduced from 35.63 percent to 31.09 percent as a result of the new share allotments. Steadview, Tiger Global, and DF International Partners have increased their stakes to 37.32 percent, 17.66 percent, and 6.4 percent, respectively.
INDmoney provides a single platform for users to manage their money across investments, loans, expenses, and taxes. The company also employs a robo-advisor to assist customers, the majority of whom are between the ages of 25 and 45. It also began to offer third-party loans in categories such as home, personal, against property, and against investments.
INDmoney competes directly with Groww, Upstox, and Zerodha. Groww raised a $251 million round in October at a $3 billion valuation. Upstox also raised new funds at a $3.4 billion valuation. It’s worth noting that Tiger Global has a stake in all three: INDmoney, Groww, and Upstox.
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