New Delhi-based omnichannel financial services distributor MyMoneyMantra (MMM) has raised ₹104 crores in an equity investment round from IFSD BV and Vaalon Capital by exchanging a minority stake. JB Capital acted as the financial advisor to the startup for the fundraising transaction.
The startup has more than 2,500 employees who handle more than 40 lakh customers from more than 50 cities. MyMoneyMantra has partnered with more than 90 financial companies and has originated ₹7,000 crores worth of credit-related products in the last financial year. The startup has targeted a unique “Phygital” niche on the back of its domain expertise and customer-centric data-driven distribution model.
Sharing the news Mr. 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.”
The startup plans to work closely with the team of Vaalon Capital to drive continued expansion 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
- Deepening its existing financial partner relationships with NBFCs, Banks and Insurance companies
Mr. Adam Teeger of Vaalon Capital added “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.”
IFSD BV is a Dutch investment company based in Rotterdam and advised by Vaalon Capital. Vaalon Capital is an independent private equity and advisory firm founded in 2016 and is focused on making long-term investments in companies with significant growth potential.
Building on the success and reputation of its strong team and strategic advisors, Vaalon Capital enjoys significant support from its investor base, primarily made up of several large international family offices.
The focus is on the longer-term prospects of businesses in which Vaalon Capital invests and can work with management to support the implementation of agreed strategies rather than focus on short term performance.