Personal finance mobile app IndianMoney.com has secured a $3m funding round from SRI Capital and Hyderabad Angels.
IndianMoney.com is a financial wellbeing app that helps consumers understand what they are buying and what they need. The company mobile app uses an AI virtual assistant to help users make more money, save more or earn more money. IndianMoney.com helps consumers with saving, investing, insuring, borrowing and housing.
The company currently educates around 18,000 people a day, and with this new batch of capital it hopes to increase this to 100,000 a day. In the next two to three years. The company plans to provide consumers with education, transactional guidance, the ability to transact and custodian services from one place.
SRI Capital managing partner Sashi Reddi said, “We are proud to back Sudheer who is a visionary in bringing millions of consumers, the financial literacy they need to survive and prosper in this new digital economy. Serving people who have never had the benefit of unbiased financial advice and education will finally enable over 200 million salaried employees and small businesses to participate in the new India.”
Earlier this week, India-based online lending platform FinREQ closed an undisclosed funding round led by Bennett, Coleman & Co. This week also saw, instant loan platform EarlySalary bag $15.8m in its Series B funding round.
Last year, SRI Capital participated in the $1.5m pre-Series A funding round in to Datasigns Technologies. The India-based company allows users to apply for a loan of RS 200,000 ($3,118) for a maximum term of two years.
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