By Mr. Abhay Ray 
Introduction to INDmoney
INDMoney is a personal finance app that helps you track, save, and earn money. It can help you track your net worth across assets and liabilities such as bank balance, stocks, EPF, PPF, NPS, bonds, mutual funds, loans, credit cards, and various other instruments. The platform offers features such as neo-banking, investing in US stocks, and a system for tracking and managing finances, It is India’s super money app. An all-in-one app to track, invest, and grow your money, & a fintech platform that allows users to save, plan and invest.
Incorporation & Formation of INDmoney
Indmoney Private Limited is a Private Company incorporated on 22 October 2021. It is classified as a Non-government company RoC- Delhi. INDmoney was founded in 2018 by Ashish Kashyap and Amrita Sirohia. INDmoney is a SEBI-registered stock broker and mutual funds distributor. It is also a trading and clearing member of NSE and BSE.
Vision of the Brand
The Vision of INDmoney is to be the one-stop shop for all your finances. To democratize wealth management and create a “super finance app” that integrates various financial services into one seamless platform. The company’s goal is to simplify personal finance by leveraging advanced technology such as AI and machine learning, making wealth management accessible to everyone. INDmoney aims to provide a comprehensive solution for users to track, manage, and grow their investments effortlessly, consolidating various aspects like stocks, mutual funds, portfolio management, fixed deposits, tax planning, and expense tracking.
Details of Founder of INDmoney – “Ashish Kashyap”
The founder of INDmoney Private Limited is Ashish Kashyap.
Ashish Kashyap has been interested in business and economics. He did Economics(Hons) from Kirori Mal College, Delhi University. After that, he pursued a Master of Management from McGill University. Then he studied for a diploma in the international program for practicing managers at INSEAD. In 2018, he introduced Finzoon Investments. He backed startups managed big acquisitions like Redbus and managed a dozen or smaller acquisitions and investments.
He is also the Founder & x-CEO of ‘ibibo Group’ (Goibibo, redBus & PayU India) Before founding “ibibo Group”, Ashish Kashyap was the ‘Country Head’ of ‘Google India’, wherein he set up the India facing operations from the ground up. Before joining Google, Ashish Kashyap founded e-commerce and online travel businesses at Indiatimes.com, which drove them to a profitable and scale position. Ashish Kashyap participated in 1 event, Phocuswright India on Feb 28, 2017.
Ashish Kashyap’s “Achievements”
Ashish Kashyap is a leading entrepreneur in India. He won the following awards in his 21 years journey.
- Won Naspers award in 2017.
- Linkedin Power Profile 2017.
- He was recognized in the Economic Times: Promising Entrepreneurs of India
- He was a member of the exhibit Top Tech Indians in 2015.
- In 2013 and 2012, he became a member of the top 100 powerful digital members of India.
INDmoney – Fund Raising
| Date of Funding | Funding Amount | Round Name | Lead Investors |
|---|---|---|---|
| Jan 17,2022 | $86.6M | Series D | Steadview, Tiger Global Management |
| Jan 23,2020 | $12.2M | Series C | Steadview, Tiger Global Management |
| Aug 01, 2019 | $29.9M | Series B | Steadview, Tiger Global Management |
| May 11, 2018 | $30M | Seed | Steadview, Tiger Global Management |
Achievements of INDmoney
- User Growth
Indmoney has achieved substantial user adoption, surpassing over 10 million app downloads as of 2023. This growth reflects strong demand for simplified and integrated financial management solutions.
- Revenue
The annual Revenue of INDmoney in the year 2023 was ₹ 87.4 Crores, which increased to ₹ 128 Crores, as on 31st March 2024.
- Funding and Valuation
The company has raised around $159 million in funding from prominent investors such as Tiger Global, Steadview Capital, and Dragoneer Investment Group. This support has been instrumental in scaling its technology and expanding its offerings.
- Innovative Features
Indmoney has launched various features like goal-based investing, robo-advisory services, and the ability to invest in U.S. stocks directly from the app. These innovations have positioned it as a leader in the digital wealth management space.
- Partnerships
The platform has established strategic partnerships with major financial institutions, technology providers like Google and Microsoft, and mutual fund houses. These collaborations have enhanced its service offerings and increased market reach.
- Recognition
Indmoney has gained significant recognition as one of the top fintech apps in India, consistently ranking high in the finance category, on both the Google Play Store and Apple App Store.
The company’s vision and its continued focus on enhancing user experience have helped it to grow rapidly and establish a strong foothold in the fintech industry.
Competitors of INDmoney & Current Stage of the Fund
Indmoney a wealth management platform, faces stiff competition from several prominent players in the Indian fintech and investment sector.
Key Competitors include –
- ICICI Securities
- HDFC Securities
- SBI Securities
- Zerodha
- 5paisa
- Motilal Oswal
As of the latest updates in 2024, INDmoney is in the Series D stage of funding. The current stage of the company shows a focus on scaling up its user base and expanding its product offerings, including introducing instant loans against mutual funds to enhance customer engagement and retention.
Conclusion-
This financial management app offers various features to help users track, save, and grow their money.
- Machine learning-driven recommendations
- Comprehensive tracking
- Robo-advisory services
- Direct Investment
- In-depth analysis
- Fast withdrawals
- Security and Privacy.
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