17 July 2019, India:
Financial services marketplace MyMoneyMantra has raised ₹104 crores from Dutch investor IFSD BV and Vaalon Capital. Investors will get minority stake in exchange for the investment.
MyMoneyMantra was advised by JB Capital.
Raj Khosla, Founder & Managing Director MMM, said, “We have been successfully disrupting the retail financial product landscape for the last decade through innovative marketing and technology. We have been clocking impressive year-on-year growth across our extensive product suite. This investment is a fantastic endorsement from an international partner and comes at an opportune time, as we are eager to capture an even larger share of the rapidly expanding Indian consumer market.”
He further added that in its next phase of growth, MMM plans to work closely with the Vaalon team to drive continued expansion in line with a three-point strategic vision: Further developing its pan-India reach, Investing in technology to enable best-in-class products and services delivery to its customers, and Deepening its existing financial partner relationships with NBFCs, Banks and Insurance companies.
Adam Teeger of Vaalon Capital said, “We have been very impressed with the quality of the MMM team, their longstanding relationships with NBFCs, Banks and Insurers and their robust processes and platform. They have a proven record of customer-focused service delivery and an established track record of success. We are particularly excited by the MMM team’s initiatives focused on leveraging data analytics, technology, and digital marketing. We look forward to partnering with them to help drive the company’s next phase of growth.”
(Image – MyMoneyMantra)