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.
“For the country to progress we need inclusive and responsible growth that’s fair to all, and we think Siply can be a drive of that inclusiveness – in a profitable way,” said Ayan Chatterjee, chief executive and cofounder, QI Ventures.
Last October, Siply raised $3.2 million in equity and debt in a round led by LetsVenture, AngelList India and Founder Room Circle.
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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.
“In the current environment, strong revenue-aligned companies that have a clear path to profitability are attracting long-term capital from investors,” said Sousthav Chakrabarty, cofounder and chief executive officer, Siply.
Earlier this month, Pune-based micro-investing platform Deciml raised $1 million from venture capital firms including Unnati Labs, Agility Ventures and MyAsia VC.