India’s 30-year-old MyMoneyMantra raises $15M to scale its financial services marketplace
MyMoneyMantra, a 30-year-old New Delhi-based firm that operates a marketplace of financial services, has raised $15 million in its maiden funding round from an external source to expand its offerings.
Dutch investment firm IFSD BV and private equity firm Vaalon Capital funded the $15 million round in MyMoneyMantra, the Indian firm said on Wednesday. A person familiar with the matter said the round valued MyMoneyMantra at about $50 million.
The company’s founder Raj Khosla said MyMoneyMantra, which employs about 2,500 employees and serves over 4 million customers across 50 cities, will use the capital to explore ways to capture a larger share of the market.
Khosla said the firm would work closely with Vaalon Capital’s team to expand its offerings and deepen its ties with banks and insurance companies. In the financial year that ended in March, MyMoneyMantra generated a revenue of $19.6 million.
MyMoneyMantra works with over 90 banks, non-bank lenders, and insurance companies to help customers get deals on loans and credit cards. The firm, which competes with BankBazaar and Andromeda in India, has done business of over $5.5 billion to date.
Today’s announcement underscores investors’ growing interest in India’s fintech market that saw tens of millions of
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