IndMoney raises total of $86Mn at $650Mn valuation

Wealth management platform IndMoney has raised an additional $11 million as part of its ongoing funding round led by Singapore-based Sixteen Street Capital. Other investors who participated in the round include Lenskart founder Peyush Bansal and Nearbuy Co-founder Ankur Warikoo

The company closed the fundraise at $86 million, valuing at $650 million post money. IndMoney Founder and Chief Executive Ashish Kashyap has also invested as part of the current tranche, along with several other senior executives in the startup.

IndMoney allows users to track and organise their finances on a single platform and helps them invest across various financial instruments including mutual funds, fixed deposits, bonds and US stocks. It also helps users with wealth planning.

The company is planning to launch a credit-card-based product for users, linked with its neo-bank. IndMoney has four million registered users and has facilitated $1.1 billion in investments. It has also received the necessary licences to roll out its stock trading platform, allowing users to invest in Indian equities.

Ashish said, “We are happy to have the backing of the right partners. Ankur and Peyush are both power users of our platform. They both have created successful companies and now we get to learn from them. Sixteenth Street is led by Rashmi Kwatra, whom I’ve known for a long time and has a deep understanding of the financial services models.”