Bengaluru-based micro-savings platform, Siply has raised $19 million in its pre-Series A funding round led by QI Ventures.
Existing investors LetsVenture and JITO, as well as prominent investors including Vivek Sunder, CEO of Cuemath also participated in this round.
The startup plans to use the funds to achieve triple-digit Average Revenue Per User (ARPU) and make it operationally cash flow positive for the coming year by introducing its solutions for specific savings avenues.
The company said in a statement that it will also target acquisitions in the space.
Bengaluru-based Siply was founded in July, 2020 by Sousthav Chakrabarty and Anil Bhat, It offers savings products to individuals on its app, which include small investment of Rs 100 per unit, savings in gold, digital chit funds, and free-to-open National Pension Scheme.
The platform also works with corporates to provide micro-loans to their employees. It offers its services in 11 local languages to target underserved users.
“Siply is positioned to be a leader in the new category of digital banking for the next 400 million Indians having a similar obsession with revenues, from solutions that are aligned with consumer needs, through meaningful growth from acquiring high-quality users, resulting in high ARPU and faster break even,” said, Sousthav Chakrabarty, CEO and Co-Founder of Siply.
Siply claims to have disbursed Rs 149 crore in 1.5 lakh loans with zero NPAs in the last 12 months.
The number of Siply user accounts has exceeded 6 million since its last funding in October.
The startup also claims to have a revenue run rate of $1 million, which is projected to grow to $12 million by March 2023.
“Siply is a disruptive idea in micro-savings. They are possibly the only business on a mission to convert a significant portion of 40 crore Indian population to a net saving customer from net borrowing customer when most other fintechs are focusing on lending,” said Ayan Chatterjee, CEO and Co-Founder at QI Ventures in the statement.
In October 2021, Siply had raised $3.2 million in equity and debt as part of its pre-Series A round of funding led by LetsVenture, AngelList India, and others.
Siply helps –The underserved masses inculcate savings behaviour through a tech-enabled micro savings platform where the investment can, for the first time in India, be as low as Re.1 to build a more productive and financially secure country.