Bengaluru-based micro-savings platform, Siply, has raised $3.2 million in equity and debt as part of its Pre-Series A round. 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), reported ET. Existing investor JITO Angel Network also participated in the round, the startup said in a statement on Oct 25.
JITO Angel Network have invested in 45+ companies and have got multiple exits in the last 6 months giving handsome returns to its investors. JITO Angel Network is part of JIIF which has its own incubation centre – the incubation centre has incubated 25+ incubatees supporting Jain entrepreneurs to grow their business.
Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat — both seasoned professionals of the banking, finance, and technology sectors, with prior experience of entrepreneurship, Siply provides “sachet financial services” to contract workers, blue-collar workers, gig economy workers, and small business owners.
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Speaking about the development, Sousthav Chakrabarty, Co-founder and CEO, Siply, said, “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.”
Siply said it plans to raise Series A, and in the next 12 months, reach a user base of one crore users and process three crore transactions with overall savings of Rs 600 crore and disburse over Rs 500 crores in loans through its micro-credit offering.
In 14 months, Siply has attained over 15 lakh users who have collectively done 20 lakh transactions amounting to total savings of Rs 150 crore, it was stated.
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