Fintech Startup Funding and Investment Report 2024

Explore the India FinTech Investment Report 2024! From mPokket's $60M to Shriram Finance's $468M and UGRO's ₹1265 Cr, delve into a detailed analysis of 70+ startups driving innovation, fostering financial inclusion, and transforming the industry. Stay updated on the latest funding trends, insights, and investment opportunities shaping India's FinTech ecosystem.

India FinTech Investment Report 2024 

This report provides a comprehensive overview of fintech funding trends, key investments, and emerging opportunities, offering insights into how the sector has evolved and where it is headed in the coming years.

SalarySe- $5.2 Mn funding

The early-stage venture capital arm of Peak XV Partners, Surge Ventures, led the Rs 43.71 crore (or $5.2 million) initial fundraising round for SalarySe, an app that provides financial assistance to salaried workers. With around Rs 25 crore invested, Peak XV Partners' Surge led the round, followed by Rs 18.7 crore from Pravega Ventures (via Vistra ITCL India).With its salary-powered fintech platform, SalarySe is revolutionizing the financial services industry in India for the 10 crore salaried people who make over $300 billion annually. 

OneCard- $11.44 Mn funding

Venture financing fund Alteria Capital has provided INR 95 Cr ($11.44 Mn) in debt funding to fintech unicorn OneCard. OneCard (FPL Technologies) has a system for credit score tracking/credit management software called OneScore, and it provides jointly branded credit to primarily first-time users.

Mylapay- $550k funding

In a seed round headed by venture capital company CDM Capital, fintech startup Mylapay secured Rs 4.6 crore ($550K). 77 Capital and Saison Capital, based in Singapore, also participated in the round. Mylapay provides cloud-based solutions that give banks and payment aggregators worldwide full payment processing capabilities.

Varthana- $14 Mn funding

The fintech firm Varthana, which focuses on education, secured $14 million, or roughly INR 116 crore, from Blue Earth Capital, one of its current investors.

Varthana, which was founded in 2013 by Steve Hardgrave and Brajesh Mishra, aims to improve access to high-quality education for low-income and emerging middle class families in India by offering financing and support to reasonably priced private schools in the country.

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Upswing- $4.2 Mn funding

In a pre-series-A fundraising led by Quona Capital, Upswing Financial Technologies, a fintech startup, secured $4.2 million. With their secure, scalable, and user-friendly API platform, Upswing aims to provide financial institutions with a wider reach while enabling consumer enterprises to offer unique financial products.

FinAGG- $11Mn funding

The fintech startup FinAGG Technologies secured $11 mn in a Series A fundraising round headed by Tata Capital and BlueOrchard, which is supported by Schroders.FinAGG is a Fin-Tech company that was founded in 2020 by Nipun Kohli and R. Srinivasan to build and finance the biggest network of distributors and retailers in India.

Fixerra- Rs 14 Crore funding

Prominent angel investors and family offices, including Jaideep Hansraj of Kotak Securities, Shailesh Haribhakti of Shailesh Haribhakti & Associates, and Oisharya Das, CEO of Kotak Private, invested Rs 14 crore to the seed round of funding for the fintech platform Fixerra (previously Fixed Invest). Founded by Akshar Shah, Fixerra is an embedded finance startup helping digital businesses launch banking products quickly and compliantly.

Cashinvoice- $3.4 Mn funding

Cashinvoice, a platform that finances supply chains, secured a $3.4 million Series A round from institutional investors, including Pravega Ventures, HDFC Bank, and former investor Accion Venture Lab. Cashinvoice is a digital marketplace that unlocks supply chain finance for small businesses. By leveraging technology, the Cashinvoice platform links financial institutions, large corporations, and their MSME supply chain partners to extend working capital by offering embedded lending products to grow and scale.

Mufin Green Finance- Rs 140 crore funding

Mufin Green Finance, a pioneer in climate financing solutions in India has secured Rs 140 Cr in a Series B round of equity funding.The company's growth trajectory is expected to accelerate significantly with this financial injection. Founded in 2016, Mufin Green Finance is India's first listed NBFC with a 100% focus on EV financing. With a capital base of 150 Cr and a disbursement history of 250Cr and EV vehicles, it has financed EV assets worth more than 300Cr over the last couple of years.

OTO- $10 Million Funding

OTO, India's leading digital commerce and lending platform for two-wheelers, has recently raised funding of $10 million. This round was led by GMO Venture Partners and saw participation from Turbostart, Indian cricketer KL Rahul, and a few other family offices. Existing investors Prime Venture Partners, Matrix Partners, and 9Unicorns funds also participated in the round.

Freo - 2 Million Funding

The Small Industries Development Bank of India (Sidbi) has provided debt capital to Mwyn Tech, the company that runs the digital banking platform Freo. Freo, India's leading digital banking platform, empowers over 2 million users with financial freedom through innovative solutions.

PocketATM- $400k Funding

The pre-seed round of Indian Express Commercial Ventures, Samir Modi of Modicare, Himanshu Nautiyal from Fractal Analytics, Nirav Mehta of Morgan Stanley Private Equity, Hemant Adarkar of Artha Center, Venkatesh Hariharan, a public policy advisor, and Rajat Agarwal, partner at Vertices Partners, contributed $400K to the Mumbai-based fintech platform PocketATM.PocketATM was developed to create a single & gamified interface for transaction types including cash-outs, digital payments, etc.

Ayekart-$6.5 Million funding

The $6.5 million series A investment led by Omnivore, Siana Capital, and Unleash Capital Partners has been secured by agritech fintech startup Ayekart. With this investment, Ayekart hopes to grow its business nationally and serve a greater number of food producers, wholesalers, retailers, and FPOs.

Quid- INR 5 crore funding

The supply chain fintech firm QuiD has raised Rs 5 crore in pre-seed capital from Stone Park Capital and Mint Cap Enterprises.

In their respective capacities, angel investors Sushant Kumar of Omidyar Network, India, and others took part in this round. Founded by Subhash Gupta and Vikram A G, QuiD is a cutting-edge B2B supply chain FinTech marketplace platform designed to support distributors, retailers, manufacturers, D2C brands, and NBFC/Banks.

Trust Fintech - INR 5.42 Crore Funding

Trust Fintech Limited (Formerly Trust Systems & Software), is a leading IT Solutions and Services Company in India has secured INR 5.42 Cr in Pre-IPO Round. According to a statement, investors in the Pre-IPO Round included Tejas Goenka, MD of Tally Solutions; Nitin Sathawane, Head of Business at Mphasis Canada; Ramnath Raikar, former Treasury Head at HDFC Bank; and Sameer Gupte, MD at NSDL Data Management Ltd.

Mswipe- $20 Million Funding

Mswipe Technologies, a payments service, secured $20 million in growth equity funding from its current investors, with Alpha Wave Global leading the fund.

The company plans to bolster its IT infrastructure and expand its merchant financing network with the money raised from the ongoing fundraising campaign.

Mswipe is a leading digital payment and financial solutions company supporting the growing merchant community across India.

TreasuryTech- $1.5 Million Funding

IBSFINtech India Private Limited (“IBSFINtech”), a globally recognized Treasury, Risk, Trade Finance, and Supply Chain Finance Management company has secured a Pre-series A round of USD 1.5 Mn amidst the challenging funding winter. IBSFINtech's broad customer base is spread across Mumbai, Hyderabad, Delhi, Gurgaon and Noida in India and international markets such as Singapore, Dubai and Europe. Some of its marquee clients are Vedanta Group, GAIL(I), Patanjali Group, Wipro Enterprises, Maruti Suzuki, JSW Steel Mphasis etc. 

mPokket -$60 Million Funding

The private credit platform BPEA Credit invested Rs 500 crore, or roughly $60 million, in debt capital to the digital lending platform mPokket.

With 24 million registered users, mPokket's expanding demand for credit will be met with the cash, which will also speed up innovation in the financial services and career accelerator verticals.

Vijya Fintech- INR15 Crore Funding

Vijya Fintech Private Limited (VFPL) has received a total investment of Rs 15 crore after raising Rs 7 crore in an angel round. Tech specialists, Veloce Fintech, Lemon Tech, and Lemon Emerging Ventures are among the investors in the round. Vijya Fintech Pvt. Ltd., founded by Aakash Bansal and Paresh Paladiya, provides a range of modules based on Investment Management Solutions. 

FREED - INR 60 Crore Funding

In its Series A round-headed by Sorin Investments and Multiply Ventures, with partnership from Piper Serica and other corporate funds, fintech platform FREED has secured Rs 60 crore ($7.5 million). With this most recent investment, FREED intends to continue leading the way in debt reduction innovations while also quickening its rate of growth and impact.Ritesh Srivastava founded FREED in August 2020 to help people efficiently navigate their debt difficulties.

TapFin - $4 Mion Funding

TapFin, a sustainability platform driven by technology, has secured USD 4 million in seed financing from Elevar Equity. With this finance, TapFin will move closer to its objective of becoming the premier sustainability ecosystem in India. Founded in 2023, TapFin seeks to support and promote India's Net-zero goals by becoming the nation's premier sustainability platform. Currently, TapFin provides funding, value-added services, and chances for revenue generation to important players in the ecosystem of clean mobility.

Yenmo - $500000 Funding 

Fintech platform Yenmo has secured $500,000 in a seed funding round led by US-based startup accelerator Y Combinator.

The platform provides other businesses with a full-stack API solution to include loans secured by mutual funds within their offerings. It also intends to introduce new goods including land, insurance, digital gold, and loans secured by stocks.

Aye Finance - INR 637 Crore Funding

Aye Finance has raised a total 637 crore funding through the year by different investors. Founded in 2014 by Sanjay Sharma and Vikram Jetley and headquartered in Gurgaon, ​Aye Finance is a new-age finance company providing business loans to ​​small and micro enterprises across India​.

KreditBee - $9.4 Million Funding

Fintech platform KreditBee, based in Bengaluru, has secured $9.4 million from its current investors, who include Advent International, Mitsubishi UFJ Financial Group (MUFG) Bank, Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Ventures. A FinTech platform called KreditBee gives professionals access to fast personal loans up to ₹4 lakhs, depending on their needs.

Namdev Finvest - $19 Million Funding

The Danish asset management firm Maj Invest led Namdev Finvest, an NBFC, in securing $19 million, or approximately INR 158.4 crore, in its pre-Series C investment round. founded in 2013 by Jitendra Tanwar, with a network of branches throughout Rajasthan, Gujarat, and Punjab with a main office in Jaipur. Namdev assists clients in semi-urban and rural areas in realising their aspirations of becoming entrepreneurs. 

Nivara Home Finance - $10 Million Funding

In the only primary round, Nivara Home Finance has secured USD 10 mn from Baring Private Equity India. The company's development and growth would be fueled by the round's funds. The Companies Act, 2013 allowed Nivara to be incorporated on December 02, 2014, with the primary goal of lending money for homes to India's urban informal sector. Later, in October 2015, the business started after receiving the required Certificate of Registration in September 2015 from the National Housing Bank (NHB).

Electronica Finance - $48 Million Funding

Electronica Finance Limited (EFL), a provider of loans to MSMEs (Micro, Small and Medium Enterprises),  has agreed upon $48 million of new funding. The equity round was led by LeapFrog Investments with participation from Aavishkaar Capital.   Encourage Capital, a US-based responsible asset manager, is an existing investor in EFL but did not participate in this funding round.

CredAvenue - $137 Million Funding

Chennai-based debt marketplace CredAvenue has raised $137 million in a Series B round of funding led by New York-based Insight Partners, B Capital Group and Dragoneer. Founded in 2021 by Gaurav Kumar and Vineet Sukumar, CredAvenue is the only-of-its-kind debt platform globally, looking to revolutionise the segment.

BRISKPE - $5 Million Funding

Mumbai-based BRISKPE, a cross-border payments platform, has secured a $5 million seed funding from digital payments leader PayU. For the startup, this is its first round of institutional funding. BRISKPE was founded by Sanjay Tripathy, Nilesh Pathak, and Indunath Chaudhary, it is a Mumbai-based cross-border payments platform. 

50Fin- $550000 Funding

Fintech startup 50Fin has raised $550,000 in its most recent investment round, which was led by Nitin Gupta and Arali Ventures.Aditya Srinivas Prasad and Darpan Samir Tanna co-founded 50Fin in 2022 to provide consumers with quick loans secured by shares and mutual funds.

Annapurna Finance - INR 600 Crore Funding

Through secondary equity acquisitions, the investment arm of the Piramal Group, Piramal Alternatives, invested Rs 600 crore in Odisha-based Annapurna Finance.According to a statement, the investment includes buying a secondary holding from an existing shareholder and giving it non-core Tier-II capital.

Propelld - $25 Million Funding

Propelld, a fintech firm with a primary focus on education, has raised $25 million, or roughly INR 208 crore, in debt financing for Edgro Finance, an NBFC.In this round Nine lenders participated, including Northern Arc Capital, InCred Financial Services, AU Small Finance Bank, and Credit Saison India.Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld provides education loans to borrowers via its online channel.

ProsParity - $2 Million Funding

ProsParity, a fintech firm, has raised $2 million from international institutional investors, including BEENEXT, Sparrow Capital, All In Capital, DeVC, and Huddle Ventures, as part of its seed round.Founded by Saurabh Khodke and Anirudh Dhakar, ProsParity is an end-to-end platform for financing electric mobility that prioritises lender compliance, scalability, and agility.while making it easier for OEMs and EV dealers to obtain finance in order to provide financing for their end users.

CirclePe - $1 Million Funding

CirclePe, a fintech firm, raised over $1 million in its pre-seed funding round, which was led by OTP Ventures.

iSeed, IIT Delhi, Venture Catalyst, 1947 Rise, and founders and CXOs from OfBusiness, BharatPe, Uni Cards, and OYO are among the additional investors. Founded in 2022 by Navan Jaiswal and Ankur Yadav, India's rental sector is being reinvented by the fintech CirclePe. 

Vegapay - $5.5 Million Funding

Fintech company Vegapay, which focuses on business-to-business (B2B) transactions, has raised $5.5 million in an equity investment round headed by Elevation Capital and including participation from current investor Eximius Ventures.Founded in 2022 by Gaurav Mittal, Himanshu Agrawal, Puneet Sharma and Abhinav Garg, Vegapay is an Indian Fintech Startup that enables banks, NBFCs and other institutions to go live with their own hyper-flexible card and credit programs.

StoxKart- INR 100 Crore Funding

StoxKart is an app for trading stocks and options. SMC Global announced on Friday that it had invested Rs 100 crore.Founded in 1994 by Mr.Subhash C Aggarwal, SMC is a well-diversified financial services company in India offering services across brokerage (across the asset classes of equities (cash and derivatives), commodities and currency), investment banking, wealth management, distribution of third party financial products.

Lendingkart - INR 108 Crore Funding 

Digital lending platform Lendingkart, which caters to small and medium-sized businesses, has obtained debt of Rs 100 crore ($12 million) and equity of Rs 8 crore (almost $1 million) from Stride Ventures. Founded in 2014 by Harshvardhan Lunia, Lendingkart Group aims to make working capital finance available at the fingertips of entrepreneurs, so that they can focus on business instead of worrying about the gaps in their cash-flows.

Shriram Finance - $468 Million Funding

Shriram Finance Limited (SFL) has raised $468 million, or roughly Rs 3.880 crore multi-currency social loan to fund corporate expansion.Founded in 1979 by R. Thyagarajan, Shriram Finance is the country’s biggest retail NBFC offering credit solutions for commercial vehicles, two-wheeler loans, car loans, home loans, gold loans, personal and small business loans.

Fibe - INR 547 Crore Funding

The Rise Fund of TPG and Kabira Holdings led the Rs 547 crore (or $66 million) Series E round that the digital lending platform Fibe (previously EarlySalary) raised. Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe is a new FinTech start-up in Pune. We are promising to create ripples in the way lending will happen in the country.

iPiD - $5.3 Million Funding

A pre-Series A investment round led by Monk's Hill Ventures and including Quona Capital, QED Investors, and current partners has brought in $5.3 million for iPiD, a fintech business that specialises in payee verification and identity solutions.Founded in 2020 by Damien Dugauquier, The goal of iPiD is to provide simple, safe, and seamless cross-border payments. In order to create an addressing data platform that benefits the payment industry, we collaborate with financial services providers (banks, payment systems, and payment fintechs).

Arthan Finance - INR 50 Crore Funding

The non-banking financial startup Arthan Finance has raised Rs 50 crore ($6 million) from investors, including the Incofin India Progress Fund. Founded in 2018 by Pravash Ranjan Dash, Arthan Finance is a new-age LendingTech, endeavours to transform Small Businesses through AI & Deep Learning customized "Fit to Purpose" financial products and help them rise above.

CredAble- $3.6 Million Funding

CredAble, a fintech firm, has secured debt capital from SIDBI totaling Rs 30 crore ($3.6 million). Founded in 2017 by Nirav Choksi and Ram Kewalramani, CredAble’s working capital infrastructure boasts of a range of scalable products and value-added financing solutions that are engineered for businesses of all sizes.

Finsall - INR 15 Crore Funding

Leading BNPL startup Finsall in the insurance space, Unicorn India Ventures and Seafund sponsored a bridge deal that garnered Rs 15 crore ($1.8 million). Founded in 2018 by Promod Khanna, Finsall is making digital premium finance accessible, easy to use, and seamless for all Indians. Finsall has pioneered India’s insurance premium financing industry.

Qiro Finance - $1.2 Million Funding

Decentralized finance (DeFi) startup Qiro Finance, headed by Alliance, has raised $1.2 million in its pre-seed round for the new business. Founded in 2023 by Akshay Poshatwar and Nishikant Bahalkar, Qiro is an institutional private credit protocol with robust credit underwriting infrastructure. Qiro leverages DeFi rails with regulatory standings, connecting stablecoin investors to emerging market asset originators for higher net yield.

Samunnati - $16 Million Funding

Agri-finance company Samunnati has raised the greatest amount of debt—Rs 133 crore ($16 million)—from Blue Earth Capital, a global impact investing business.This debt investment, which is Blue Earth Capital's first, will assist Samunnati in growing its programs that enhance the lives of small farmers nationwide by focusing on climate adaptation, resilience, and mitigation strategies.

Prosperr.io - $1.55 Million Funding

Prosperr.io, an artificial intelligence-powered firm providing income tax solutions, has announced the completion of its $1.55 million pre-seed funding round, which was led by Silicon Valley-based angel investor Gokul Rajaram.

Prosperr.io has launched its business-to-business (B2B) product, improved its technological and product capabilities, and expanded its sales and marketing skills with the funds raised from the fundraising round. The money is also utilized to create the business's AI-powered tax counselor.

UGRO - INR 1265 Crore Funding

UGRO Capital Limited, an NBFC that concentrates on micro, small, and medium-sized enterprises (MSME), raised Rs 1,265 crore. Existing private equity investor Samena Capital contributed Rs 500 crore, and other institutional investors, such as Aregence and India's most prominent family offices, also participated in the fundraising. Founded in 1993 by Shachindra Nath, UGRO Capital Limited is a BSE and NSE listed, small business lending fintech platform. 

Shivalik Small Finance Bank - INR 100 Crore Funding

The global venture capital firm Lightspeed and the Sanjay Nayar-founded Sorin Investments have jointly raised Rs 100 crore in equity for the Noida-based Shivalik Small Finance Bank.Founded in 1998 by Mr. Yashvir Kumar Gupta and Mr. Suveer Kumar Gupta, Shivalik Small Finance Bank is the first Small Finance Bank in India to have transitioned from an Urban Cooperative Bank with 25 years of experience in offering retail banking products and services. 

Dvara KGFS - $7 Million Funding

Dvara Kshetriya Gramin Financials (Dvara KGFS), a financial services company that specialises in rural areas, has secured $7 million in debt through external commercial borrowings from Enabling Qapital. Founded in 2008 by Bindu Ananth, Dvara Kshetriya Gramin Financial Services Private Limited (Dvara KGFS) is a leading non-banking financial company (NBFC) that operates in remote rural areas of India.

Supermoney - $3.4 Million Funding

In its Series A round, Supermoney, a digital lending platform that specialises in small and medium-sized enterprises (SMEs), has secured $3.4 million (Rs 28.6 crore) from Capital 2B and Capria Ventures. Founded in 2018 by Nikhil Banerjee, Supermoney is a trustworthy digital working capital platform for large medium & small businesses. They collaborate with renowned brands in industries such as steel, automotive and auto parts, batteries, tyres, electronics, consumer goods, FMCG, and pharmaceuticals to provide tailored payments and finance.

POP - $2.4 Million Funding

India Quotient and a few prominent angel investors have led a seed funding round for fintech startup POP, which has raised $2.4 million.Founded in 2023 by Bhargav Errangi, POP mission is clear: to enhance the shopping and payment experiences, making them more rewarding for all. 

Ummeed Housing Finance - INR 630 Crore Funding

In its Series F round, Ummeed Housing Finance disclosed that it had secured an equity financing of approximately Rs 630 crore with the support of Mirae Asset Venture Investments (India) and A91 Partners LLP. Founded in 2016 by Mr. Ashutosh Sharma, Ummeed Housing Finance Private Limited (Ummeed) is a housing finance company registered with the National Housing Bank (NHB) under the National Housing Bank Act, 1987.

AVIOM Housing Finance - $5 Million Funding

From the InsuResilience Investment Fund, Delhi NCR-brd AVIOM Housing Finance has secured $5 Mn in debt funding. Founded in 2016 by Kajal Ilmi, AVIOM HFC provides housing loans in rural and semi-urban areas catering to both salaried & self-employed.

Jupiter - INR 13.15 Crore Funding

Jupiter, a neobanking platform, has secured strategic funding from its current investor to support its non-banking financial (NBFC) operations. This is the inaugural equity round for Amica Finance, a distinct entity. Founded in 2019 by Jitendra Gupta, Jupiter is an all-things money app with one simple aim – to deliver a financial experience that keeps pace with you. 

CheQ - INR 18.5 Crore Funding

CheQ, a credit card bill payment management platform, has secured Rs 18.5 crore (approximately $2.2 million) in additional proceeds in its extended seed round. This is the second tranche of the round for the Bengaluru-based company. Founded in 2022 by Aditya Soni, CheQ is a Bengaluru-based fintech startup, the newest & noisiest on the block. We aim to help customers understand, manage and leverage credit in ways that augment their lifestyle choices. 

LXME - $1.2 Million Funding

LXME, an investment and financial platform for women, has secured $1.2 million in pilot funding from Kalaari Capital through its CXXO initiative. This initiative invests in ventures led by female entrepreneurs.Founded in 2018 by Priti Rathi Gupta, LXME (pronounced Lakshmi) is India’s leading financial platform for women, offering financial learning, lending, and investment options, all in one app.

Plus Gold-$1.2 Million Funding

Application for investing in gold In addition Plus Gold has secured $1.2 million in a seed funding round, with JITO leading the investment.Founded in 2022 by Veer Mishra and Raj Parekh, Plus Gold aspires to be a platform for Indians to save in Gold securely & later redeem in cash, jewelry, or gold whenever and wherever they want.

Rupeek - INR 125 Crore Funding 

A platform for obtaining gold loans through the Internet, Rupeek has successfully raised Rs 125 crore (roughly $15 million) in primary fundraising from Elevation Capital. Founded in 2015 by Sumit Maniyar, Rupeek is India’s leading asset-backed, digital lending fintech platform. Driven by the mission to make credit accessible to Indians in a fair and convenient way, Rupeek is pioneering innovative financial products to help monetize India’s $2 trillion gold.

Care.fi - INR 24 Crore Funding

Care.fi, a fintech startup with a focus on healthcare, has secured Rs 24 crore total funding. in its first half of funding debt capital from Trifecta Capital. Additionally, it has received an extra $0.6 million (equivalent to Rs 5 crore) from UC Inclusive Credit.

Stable Money - INR 123 Crore Funding

The fintech firm Stable Money has successfully secured more than Rs 123 crore, equivalent to around $15 million, in a recent funding round led by RTP Capital, Lightspeed India, and Matrix Partner. Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money aims to help individuals grow their wealth in a stable and secure way through fixed-income assets.

BharatPe- Rs 85 Crore Funding 

BharatPe, a fintech company, has utilized non-convertible debentures to raise Rs 85 crore (approximately $10 million) in debt. In 2024, this marks the second debt infusion into the company that is supported by Peak XV and Coatue.Founded in 2018 by Ashneer Grover and Shashvat Nakrani, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service.

Infinyte Club - $3.6 Million Funding

Infinyte.Club, a platform designed to generate and handle wealth for employees in the technology and startup sectors, has secured $3.6 million in fundraising through a round-headed by Elevation Capital. Infinyte.Club provides users with the capability to monitor their assets, oversee their equities portfolios, and utilize their stock options to their advantage. During its private beta phase, the platform successfully concluded more than 40 primary and secondary agreements.

Skydo - $5 Million Funding

Skydo, a business specializing in cross-border payments, has successfully secured $5 million in a recent equity round. The funding was primarily driven by Elevation Capital, with additional contributions from several angel investors.Founded in 2022 by Movin Jain, Skydo is a fintech startup based out of Bangalore on a mission to make cross-border B2B payments hassle-free & reduce forex charges for businesses by more than 50%.

TransBnk - $ 4 Million Funding

TransBnk, a fintech business based in Mumbai, has successfully secured $4 million in its Series A fundraising round. The funding was primarily spearheaded by 8i Ventures. Founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain, 'TransBnk' is a Transaction Banking Platform enabling Corporate, Commercial & Institutional clients to make agile, secure & robust Transactions with Embedded Finance & SaaS.

Mintifi - $100 Million Funding

Mintifi, a B2B digital lending startup, is reportedly in discussions to secure $100 million in a new funding round.Founded in 2017 by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi's vision is to transform the purchase financing experience across the distribution network up to the last mile by offering them flexible and affordable financing options.

Moneyview - INR 250 Crore Funding

Moneyview, a lending platform, is currently receiving Rs 250 crore (approximately $30 million) in debt through private placements. In the last three years, this will be the Bengaluru-based organization's inaugural significant debt round. Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview is a digital platform providing accessible financial services to all. It leverages technology to provide customized personal loans to borrowers.

Valyx - $800k Funding 

Valyx, a B2B financial management platform, has secured $800K in its pre-seed funding round, which was jointly led by Waveform Ventures and Huddle Ventures. Founded in 2023 by Avishek Ray and Anirudh Bhargava, Valyx automates revenue management: Making receivables, collections, and books-close seamless, easy, and compliant.

Drip Capital - $113 Million Funding

Cross-border commerce finance fintech Drip Capital has secured $113 million in new financing, which includes $23 million in equity from Japanese investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC). Founded in 2015 by Pushkar Mukewar and Neil Kothari, Drip specializes in efficient working capital solutions, offering both payable and receivable finance solutions.

Flexiloans - $35 Million Funding

In an equity funding round led by American not-for-profit fund Accion, US asset management firm Nuveen, and Nandan Nilekani-backed venture fund Fundamentum, Mumbai-based digital lending startup Flexiloans has secured Rs 290 crore (approximately $35 million).Founded in 2016 by Deepak Jain, FlexiLoans is an online lending fintech platform, dedicated to simplifying the lending process for small and medium-sized enterprises (SMEs).

Slice - INR 300 Crore Funding

Slice, a consumer lending and payments startup, is expected to raise Rs 300 crore or nearly $36 million through convertible debt, which will be co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. However, Blume Ventures and 8i Ventures also contribute a substantial amount. Slice offers a physical and virtual card that is specifically designed for millennials. It allows students and salaried professionals to purchase collateral-free products and services online on estimated monthly installments (EMIs) through an application.

Centricity - $20 Million Funding 

In a seed round, Lightspeed and returning investors Burman Family Office and Shantanu Agarwal, among others, led the investment in wealth management startup Centricity, which raised $20 million at a valuation of $125 million. Founded in 2022 by Manu Awasthy, Centricity helps empower finance and investment professionals aspiring to establish their independent practices. The platform aims to deliver a comprehensive SAAS based investment management platform including digital transactional capabilities for a diversified product suite.

Moneyboxx - INR 172 Crore Funding

Moneyboxx, a lending technology startup that has been listed, intends to raise INR 176 Cr (approximately $20.9 Mn) through the issuance of equity shares on a preferential basis and warrants. Founded in 2018 by Deepak Aggarwal and Mayur Modi, Moneyboxx is committed to sustainable finance and constantly seek to support economically viable solutions.

Northern Arc Capital - INR 229 Crore Funding 

Northern Arc Capital, a non-banking lender headquartered in Chennai, has received Rs 229 crore from prominent anchor investors in anticipation of its forthcoming initial public offering (IPO). Founded in 2008 by Ashish Mehrotra, Northern Arc is a diversified financial services platform set up primarily with the mission of catering to the diverse retail credit requirements of the under-served households and businesses in India.

Kaleidofin - $13.8 Million Funding

Rabo Partnerships B.V. has led a new round of funding for fintech startup Kaleidofin, which has raised $13.8 million. The round has also been supported by the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish.Founded in 2017 by Puneet Gupta and Sucharita Mukherjee, kaleidofin is a fintech platform that propels under-banked customers towards meeting their real-life goals by providing intuitive and tailored financial solutions.

Bluecopa - $1.8 Million Funding

Bluecopa, a finance operations (FinOps) automation platform, has secured $1.8 million in a pre-Series A funding round that was jointly led by Blume Ventures, Dallas Venture Capital, and Venture Catalysts. Founded in 2022 by Nilotpal Chanda, Raghavendra Reddy, and Satya Prakash Buddhavarapu, Bluecopa is the Modern Finance SaaS platform for fast-growing companies to accelerate decision cycles through automation and AI.

M2P Fintech - INR 1257.5 Crore Funding  

M2P Fintech has raised a total 1257.5 crore through a primary and secondary funding round led by Helios Investment Partners and Taj Investment Holdings, M2P Fintech offers API infrastructure that enables businesses to offer their own branded financial services and ensure regulatory compliance by forming partnerships with fintech companies. Nepal, the United Arab Emirates, Australia, New Zealand, the Philippines, Bahrain, and Egypt are among the countries in which the company operates.

ORIGHT - $1 Million Funding

Aeravti Ventures has led a preliminary funding round for dairy-tech startup ORIGHT, which has raised $1 million. Founded in 2019 by Utkarsh Kapoor and Rame Kachroo, ORIGHT is a Fintech and Agritech startup founded by INSEAD alums. ORIGHT uses tools like IoT and Blockchain to create a radically transparent and adulteration-free dairy supply chain.

Two Point O Capital - $6.3 Million Funding

Two Point O Capital, a climate financing platform, has secured $6.3 million in its pilot round, which was led by Omnivore. The round was also attended by Multiply Ventures, RTP Global, GrowX, Spectrum Impact, and a group of prominent angel investors. Two Point O Capital provides adaptable financing options for distributed clean energy initiatives in the industrial and commercial sectors.

Conclusion

The India FinTech Investment Report 2024 highlights. India's FinTech ecosystem is growing rapidly and is set to become a major global leader in the industry. Stay updated on the latest funding trends, insights, and investment opportunities shaping India's FinTech ecosystem.