Fello Raises $4 Million To Bring Gamified Savings For Indian Zillennials
The fund raised will be used to develop unique gamified financial products, hire top talent across functions, and expand its user base to the many millions in the tier-1 and tier-2 cities of India
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Fello, India's gamified savings platform, designed for the Gen-Zs and young millennials of India, has raised $4 million in their latest funding round led by US-based Courtside Ventures, along with participation from, Entrepreneur First, Ycombinator, Kube Venture and Upsparks. Angel investors Kunal Shah, (founder of Cred), Lalit Keshre, (co-founder of Groww), Charlie Songhurst, Dafeng and Alan Rutledge participated in this round. Previously, in November 2021, the company had raised $1 million in its Seed round. The fund raised will be used to develop unique gamified financial products, hire top talent across functions, and expand its user base to the many millions in the tier-1 and tier-2 cities of India.
"We are thrilled to begin the New Year with a new round of funding through new and existing marquee investors. This reaffirms our vision of becoming India's preferred 'fun-ancial savings app' that combines finance and gaming, thus inculcating and encouraging the habit of saving and investing among India's youth. Presently, we have a user base of over 500,000, with 72% customers coming to the platform organically, through referrals. We are confident that with our accelerated growth and expansion, we will be able to reach our target of 5 million users by December 2023," said Manish Maryada, co-founder and CEO, Fello.
The gamified savings platform incentivizes users through gaming to save and grow their money with returns higher than their traditional savings accounts. The company aims to on-board 5 million customers by the end of 2023 and enable the underbanked population of India through an innovative suite of products that gamify investing, according to a statement by the company.
"India has attracted unprecedented investment in the last four years in the fintech and gaming sector. As a global game investor, Courtside Ventures has remained very active in the ecosystem. The Indian Gaming audience is one of the largest and most active markets in the world; yet financial services applications attract a fraction of that gaming audience. There is a tremendous market opportunity to bridge the gap in financial literacy and investing in a fun and gamified experience. We are incredibly bullish that there is a massive opportunity at the intersection of gaming and financial services in India," said Kai Bond, partner of Courtside Ventures.
Founded in 2021 by Manish Maryada and Shourya Lala, Fello aims to make finance fun and rewarding, thereby helping India's youth build better financial health.