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INDmoney is Expected to Raise $100 Mn Led by Tiger Global

Fintech platform INDmoney is currently in negotiations to secure $100 million through an existing investor Tiger Global. According to sources, this round is likely to put the value of INDmoney at $500 million. The company's last funding round was in January of 2020.

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INDmoney is Expected to Raise $100 Mn Led by Tiger Global

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  1. INDmoneyis ExpectedtoRaise$100MninaRoundLedbyTigerGlobal INDmoneyStartupFundingNews Startupsoperatinginthefieldofinvestmentmanagementappeartobebecomingpopularwithinvestors.Fintech platformINDmoneyprovidesitscustomersmanagetheirmoneyacrosstaxes,investmentsexpenditures,loans,andtaxesonasingleplatform,andiscurrentlyinnegotiationstosecure$100millionthroughanexistinginvestorTigerGlobalManagement,accordingtotwosourceswhoarefamiliarwiththedevelopments. SourcesalsosaidthatthisroundislikelytoputthevalueofINDmoneyat$500million.Thecompany'slastfundingroundwasinJanuaryof2020. "Tigerisleadingthe$100millionround,andtheexistinginvestors,includingSteadviewaswellasDragoneerarelikelytobepartofthedeal,"saidoneofthesourceswhorequestedanonymity."Thedetailsforthetransactionarenearlydoneandarelikelytobeannouncedinthenearfuture,"thepersonadded. Incredibly,TigerGlobalhasalsoinvestedinothercompaniesoperatinginthesameindustry:Groww,whichrecentlyreachedavaluationofaunicornandUpstoxisanotherplatformthatletsitscustomersmanagetheirthemanagementoftheirinvestments.

  2. Youmayalsoliketoread: • NykaaUpdatesItsLatestEquity OffertoRaise630 Crorein IPO • After FIR,Dream11 suspendedits operationsinKarnataka • INDmoneyhasreceived$58millionsinceitwasfoundedthisyearfrominvestorslikeTiger,SteadviewCapitalandDragoneer.ThecompanywascreatedbyAshishKashyap,whowasthefounderofthetravelplatformGoibibo.INDMoneyalsoutilizesitsrobo-advisorplatformtoassistclients,mainlybetweentheagesof25to45. • INDMoneyalsoallowsIndiancustomerstoinvestintoUSstocksonitsplatform. • InAugustof2020theBengaluru-basedcompanyhadlaunchedthird-partyloanoptionsthatrangefrompersonal,homeaswellasagainstpropertyandinvestments.Accordingtothewebsiteofthecompanythepersonalloancouldvaryfrom12to36percent,whiletheinterestrateforbusinessloansistypicallybetween12-22percent. • "INDmoneyhasexpandeditsofferingsintermsofproductslikeloansandcreditondemandforthelast12-15months,andtheproceedsarelikelytobeutilizedasakeyelementofthecompany'sexpansionplantogrow.,"saidthesecondsource. • AccordingtoreportsinthemediaThecompanyislikelytojointheinsurancemarketinthenearfuture.TheothermajorcompetitorsforINDmoneyareZerodhaalongwithPaytmMoney,amongothers. • TigerGlobaldeclinedtocommentonthereport.QuestionsaddressedtoINDmoneywerenotansweredasofpublishingthisstory.WewillbringthestoryuptodateintheeventthatINDmoneyresponds. • AlthoughthecompanyhasyettosubmititsaccountsforthefiscalyearendinginFY21thecompanyhasreportedoperatingrevenuesof1.07crore.Thecompanysawtheopportunitytorecorda2.3Xincreaseinitstotalearningsto7.26crore,upfrom3.17millionsinFY19.Thetotalspendingofthecompanyincreasedto19.12crore,upfrom3.06millionsinFY19. • Ifyouwanttostayupdatedwiththelatestongoingsinthestart-upindustry,thenvisitourofficialwebsite“Entrackr”.

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