Micro-savings Platform Siply Raises $3.2 Mn In Pre-Series A Funding
"With these funds, we shall further the reach of Siply to over 400 towns and strengthen our team & tech," Siply co-founder and chief executive officer Sousthav Chakrabarty said
Bengaluru-based micro-savings platform, Siply, on Monday announced to have raised $3.2 million in equity and debt as part of its Pre-Series A. The round was led by LetsVenture, AngelList India, Founder Room Circle and saw participation from investors like Kunal Shah (Cred), Beerud Sheth (Gupshup), Satish Grampurohit (Ex-Infosys), Shanti Mohan (LetsVenture) and Pratekk Agarwaal (angel investor, Ex CBO-BharatPe).
Existing investor JITO Angel Network also participated in the round, the startup said in a statement on Monday.
Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, Siply provides "sachet financial services" to contract workers, blue-collar workers, gig economy workers, and small business owners.
“Siply wants to be the preferred financial services brand to the 40 crore Indians who are not yet a part of the formal banking system. We are building a platform that is tailor-made to serve the specific needs of this segment, which has so far been largely overlooked by current financial institutions like banks and mutual fund houses," said Sousthav Chakrabarty, co-founder and chief executive officer, Siply.
"Siply is one of our best performing portfolio companies with phenomenal growth and dynamic founders, we are happy to have led the earlier round and also participate in the further round raised by the company."
"The growth Siply has achieved within 14 months of its launch has been truly outstanding! It just goes to show that a powerful idea for a noble cause, backed by a dream team, has limitless potential," shared deal lead Vishal Jain.
The startup was founded in mid-2020 by the two co-founders Sousthav Chakrabarty and Anil Bhat, who are seasoned Bankers and Technologists and have built large businesses in the past.
In just 14 months the startup has over 15 lakh users and have collectively done 20 lakh transactions amounting to total savings of over 150 crore. These are via the 37 large partnerships including Swiggy, Awign, Hesa, Apna, Moneytap, and Grameen to name a few.
It launched Micro-Credit in July, and in just short 4 months it has disbursed more than 50 thousand loans for a total volume of more than 30 crore. Its loan book has grown at 150 per cent m-o-m over the last 4 months.
With this traction, Siply plans to soon raise Series A and in the next 12 months reach a user base of 1 crore users and process 3 crore transactions with overall savings of 600 crore and disburse over 500 crore in loans through its micro-credit offering.