Microsavings platform Siply has raised $19 million as a part of a fresh round of funding led by Qi Ventures.
The round also saw participation from existing investors LetsVenture and Jito. Angel investors also took part in the round, including Vivek Sunder, chief executive officer of Cuemath and former chief operating officer of Swiggy.
Founded in 2020, Siply provides micro-investment products to underserved customers and allows them to invest in mutual funds, digital gold, and other financial assets.
It also provides education around savings and investments to promote financial independence.
At present, the platform has over six million user accounts and has processed more than 8.5 million transactions.
It also provides lending services and has disbursed Rs 149 crore in loans to date.
Last October, Siply raised $3.2 million in equity and debt in a round led by LetsVenture, AngelList India, and Founder Room Circle.
The startup claims to have an annual revenue run rate (ARR) of $1 million and expects to scale this to $12 million in ARR by March 2023.
It also aims to scale its assets under management to $80 million by then.
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