Fintech startup Siply raised $19 million through a mix of debt and equity financing in pre-Series A led by QI Ventures by existing investors LetsVenture and JITO, and angel investor Vivek Sunder of Cuemath also participated. Siply provides consumers with micro-saving investment opportunities, credit solutions, and insurance policies. The funds will be used to help the startup become cash-positive and to acquire fintech companies. It will also use the funds to establish a chit fund. It allows users to invest in gold and equity stocks under the micro-savings category. It provides users with advanced salary loans in the credit category and accidental and group insurance in the insurance category.

Fintech startup Siply raised $19 million in pre-Series A led by QI Ventures

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Micro-savings startup Siply will use the capital to increase its average revenue per use and scout for acquisitions. 0 CLAPS
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Bengaluru based micro-savings app for underserved Indians, ﻿Siply﻿, has announced raising $19 million in a pre-Series A round of funding led by QI Ventures. The round also saw participation from returning investors LetsVenture and JITO, as well as angel investors including Vivek Sunder, CEO of Cuemath. The company will utilise the capital to achieve triple-digit Average Revenue Per User (ARPU) and to turn operationally cash-flow positive by the coming year by offering its solutions for specific savings instruments. It will also target acquisitions in the space, the company said in a statement. Prior to this, Siply has raised $4.2 million across seed and $3.2 million in a pre-Series A round in October,  2021. Get connected to Siply
“Siply is positioned to be a leader in the new category of digital banking for the next 400 million Indians having a similar obsession with revenues, from solutions that are aligned with consumer needs, through meaningful growth from acquiring high-quality users, resulting in high ARPU and faster break even,” said Sousthav Chakrabarty, CEO and Co-Founder of Siply in the statement. Founded in July, 2020 by Sousthav Chakrabarty and Anil Bhat, Siply offers individuals savings products on its app including smallcase investing for as low as Rs 100 per unit, savings in gold, digital chit fund and free-to-open National Pension Scheme. Get connected to Siply
Siply also works with corporates to offer micro-loans to their employees. The platform offers its services across 11 local languages to target underserved users. ALSO READ

[Funding alert] Micro-savings startup Siply raises $19M in pre-Series A round

Microsavings platform Siply bags $19 million funding led by Qi Ventures
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Cofounders of Siply (L to R): Sousthav Chakrabarty and Anil Bhat
Bengaluru: Microsavings platform Siply has raised $19 million as a part of a fresh round of funding led by Qi Ventures . 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. Discover the stories of your interest

Microsavings platform Siply bags $19 million funding led by Qi Ventures

Micro-savings platform Siply has raised $19 million in its pre-Series A round led by QI Ventures. The round also saw participation from existing investors, LetsVenture, and JITO along with angel investors such as Vivek Sunder. The current round will pave the way for Siply to be operationally cash positive, which it is targeting by mid … 
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Siply raises $19 Mn in pre-Series A round

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The funding round was led by QI Ventures and also saw participation from some existing investors
Siply offers micro-saving investment opportunities, credit solutions and insurance policies to consumers
Siply has over 6 Mn active accounts and has clocked more than 8.5 Mn transactions to date
Fintech startup Siply has raised $19 Mn through a mix of debt and equity financing in its pre-Series A funding round led by QI Ventures. The round also saw participation from existing investors LetsVenture and JITO, and angel investor Vivek Sunder of Cuemath. Siply will deploy the funds to make its business cash positive and acquire companies in the fintech space. It will also use the capital to launch its chit fund. Founded in 2020 by Sousthav Chakrabarty and Anil Bhat, the Bengaluru-based startup offers micro-saving investment opportunities, credit solutions and insurance policies to consumers. In the micro-saving category, it allows users to invest in gold and equity stocks. In the credit category, it offers advanced salary loans, whilst in the insurance category, it provides accidental and group insurance to users. In November 2021, Siply secured $3.2 Mn in its pre-Series A funding round from LetsVenture, AngelList India, Founder Room Circle, Kunal Shah, Beerud Sheth, Satish Grampurohit, Shanti Mohan and Prateek Agarwal. Prior to it, the startup had raised $1 Mn in a seed funding round in January last year. Recommended For You:
14th June, 2022
Siply has over 6 Mn active accounts and has clocked more than 8.5 Mn transactions to date. Over the past 12 months, it has disbursed over INR 149 Cr through 1,50,000 loans to users, it said in a statement. Siply claims to have a revenue run rate of $1 Mn currently. It aims to achieve a $12 Mn revenue run rate and $80 Mn of assets under management (AUM) by March 2023. The startup competes with the likes of Decimal, Smallcase, Niyo and Jar in the investment tech segment. According to an Inc42 report , India’s investment tech sector secured $379 Mn in funding between 2015 and 2020. The sector is poised to reach a size of $14 Bn, growing at a CAGR of 22.4% by 2025. The sector is witnessing a slew of business activities lately. This month, alternate investment platform Jiraaf secured $7.5 Mn in its Series A funding round from Accel Partners, Mankekar Family Office, and Dr. Bhaskar Shah from Aspire Family Office. Besides, Kotak Investment, a subsidiary of Kotak Mahindra Bank, launched an investment management platform named Kotak Cherry . The platform offers a slew of investment opportunities such as stocks, bonds, mutual funds, and fixed deposits. In May, wealth management startup AssetPlus garnered $3.6 Mn from investors, including Bhupinder Singh of InCred, Zerodah’s Nithin Kamath, and Swaroop Kittu Kolluri.

Fintech Startup Siply Raises $19 Mn For Acquisitions, Launching Chit Fund

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Siply operates a micro-savings platform. Its platform helps underserved people in India save and invest via their platform. It was founded in 2020 and is based in Bengaluru, India.

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