[Funding alert] Game-based savings app Fello Raises $4 Mn in Funding Round

Fello, a game-based savings app raises USD 4 million in its latest funding round Led by US-based Courtside Ventures.

Entrepreneur First, Ycombinator, Kube Venture, and Upsparks. Angel investors, Kunal Shah, Founder of Cred, Lalit Keshre, Co-founder of Groww, Charlie Songhurst, Dafeng, and Alan Rutledge also participated in this round. The company raised US$1 million in its seed round in November 2021, as per reported by BW Disrupt.

The company said they will use the funds to develop unique gamified financial products, hire top talent across functions and grow their user base to several million across tier-1 and tier-2 cities in India.

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Manish Maryada, Co-founder, and CEO, of Fello, said, “This reaffirms our vision of becoming India’s preferred ‘financial savings app’ that combines finance and gaming. We are confident that with our accelerated growth and expansion, we will be able to reach our target of 5 million users by December 2023.”

Other co-investors include names like Acequia Capital and independent investors Ashneer Grover, Ex-MD, BharatPe, and Bala Parthasarathi, Chairman, Freo.

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Shourya Lala, Co-founder, and CTO, Fello said, “Of the 846 million internet users in India, nearly 433 million play games on their mobile phones, two or three times a week. Of this, 75 percent of internet users are between the age group of 18-30, and interestingly, they shy away from saving and investing. With this fundraise, we aim to accelerate our product development, market penetration, and talent acquisition.”

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About Fello

Fello is a gamified investment and personal finance platform that encourages users to save, grow their money, and earn higher returns than their traditional savings accounts. Where users earn the right to participate in games and lotteries every time they save and invest in a platform that makes the experience fun and effortless.

Shourya Lala and Manish Maryada are the founders of the Fello. It is established in 2021 and its headquarter is located in Bangalore.

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