Galgal Raises $1 Million In Seed Funding The funds have enabled the startup to launch the app at a rapid time-to-market pace and accelerate customer acquisition
By Teena Jose •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Galgal Money, a Mumbai-based fintech startup, has raised $1 million from angel investors. The funds have enabled the startup to launch the app at a rapid time-to-market pace and accelerate customer acquisition. Besides, the firm intends to invest in product development to rapidly enhance customer experience and focus on offering features that can enhance neo-banking experience for the youth in India
"With stipulated pocket money and plethora of potential expenses we young adults end up getting frustrated when we see a massive difference between what we want to save and can actually achieve. This led me to want to build a feel good solution that will change banking for the youth in India, and simplify money management for all. Inspired by the Indian lemon, Galgal's mission is to help users 'squeeze the most out of their money'," said Harsh Chhatrapati, founder, Galgal.
Through its AI system, the Galgal app is built to notify users when they overspend, or underspend. This is based on understanding efficient money management behaviour is developed like any habit on the basis of reward and punishment. The user has the option to feel good, or guilty about an expense, in order to be more mindful the next time they choose to spend, said the company in a statement.
Galgal offers an attractive visa prepaid card without charging a credit fee or any other hidden charges, unlike most of the other players in the market. Just at the beta stage of the product, the company generated a waitlist of more than 5,000 people through its website. The app is now live and available on both Android and Apple devices, the company claimed in the statement.
Founded in 2021, by Harsh Chhatrapati and Arun Iyer, Galgal Money is a new-age Mumbai-based fintech startup that focuses on bringing efficient banking solutions to the youth, with the purpose to simplify money management and make savings as stress-free as possible.
