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Moneyview Turns Unicorn After Raising $4.6 Mn From Accel India, Nexus Ventures
Inc42
·
11m ago
Medial
Accel and Nexus have both invested in Moneyview, with Accel investing INR 19.5 Cr and Nexus investing INR 19.1 Cr. This could be part of a larger funding round. Moneyview has now reached a valuation of $1.2 Bn, making it the sixth startup to become a unicorn in 2024. Additionally, Moneyview has acquired earned wage access platform Jify to expand its range of services.
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Related News
From InMobi To Centricity – Indian Startups Raised $227 Mn This Week
Inc42
·
10m ago
Medial
Indian startups raised $227.1 Mn across 22 deals, a 34% decline from the previous week. InMobi secured a debt of $100 Mn from Mars Growth Capital, while Moneyview reached unicorn status after raising $4.6 Mn from Accel and Nexus Ventures.
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Exclusive: Moneyview becomes unicorn with new funding
Entrackr
·
11m ago
Medial
Consumer lending platform Moneyview has turned unicorn in a new funding round from the existing investors Accel India and Nexus Ventures. The board at Moneyview has passed a special resolution to issue 60,23,382 equity shares at an issue price of Rs 64.15 each to raise Rs 38.64 crore (approximately $4.65 million), according to regulatory filings sourced from the Registrar of Companies (RoC). Accel India has invested Rs 29 crore, while Nexus Ventures pumped in Rs 19 crore. The round appears to be ongoing, with the company likely to raise additional capital in the coming months. According to the startup data intelligence platform TheKredible, Moneyview has been valued at around Rs 10,086 crore or $1.2 billion (post-allotment). Moneyview was valued at $900 million when it raked in $75 million led by Tiger Global in December 2022. In July, Entrackr exclusively reported that Moneyview is in the process of raising $50-60 million in a new round. The firm is also on the brink of receiving $30 million in debt through private placements. The debt round was exclusively reported by Entrackr on September 2. Ten-year-old Moneyview primarily deals in personal and home loans, credit cards, credit score, motor insurance and loans against property. The firm also provides credit through its own NBFC, Whizdm Finance, and claims to have disbursed overall loans worth Rs 12,000 crore. Moneyview’s revenue from operations grew 2.6X to Rs 577 crore in FY23 while its profit mounted 27X to Rs 163 crore during the fiscal year. According to the company’s internal document accessed by Entrackr, Moneyview’s profit before tax stood at Rs 175 crore in FY24. Accel was the largest external stakeholder in Moneyview with 22.28% followed by Tiger Global with 12% as of Series E round. Check TheKredible for a complete cap table. In 2024, six startups including Moneyview, Krutrim, Perfios, Porter, Rapdio, and Ather checked into the unicorn club. Notably, all of these companies are headquartered in Bengaluru.
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Which are the top investors on Hurun India's Future Unicorn list?
Inshorts
·
1y ago
Medial
Peak XV Partners emerged as the top investor in Hurun India's Future Unicorn Index 2024 with investment in 47 potential unicorns. It was followed by Accel, Tiger Global Management, Trifecta Capital Advisors and Blume Ventures. The notable investments of Peak XV include Turtlemint and CleverTap, while Accel's main investments are Moneyview and Stanza Living.
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InCred turns unicorn after raising $60 Mn
Entrackr
·
1y ago
Medial
Fintech firm InCred has become a unicorn after raising $60 million in a Series D round of funding. The Mumbai-based non-banking finance company (NBFC) did not disclose the exact valuation or the names of the investors participating in the round. InCred's operating scale has grown by 77.4% to Rs 865.6 crore during the last fiscal year, and its profits have jumped 3.5 times to Rs 109 crore. This makes InCred the second company to achieve unicorn status in 2023, following Zepto.
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Exclusive: Moneyview raising $30 Mn debt via private placement
Entrackr
·
11m ago
Medial
Lending platform Moneyview is receiving Rs 250 crore (approximately $30 million) in debt through private placements. This will be the first major debt round for the Bengaluru-based firm in the past three years. The board Moneyview has passed a special resolution to issue non-convertible debentures up to Rs 250 crore, according to internal documents obtained by Entrackr from the Registrar of Companies. As per the documents, the debt infusion will be used for growth, working capital, and general corporate purposes. Moneyview is also on the brink of joining the prestigious unicorn club, with discussions underway to raise $50-60 million. The funding round will see participation from new investors alongside existing ones such as Apis Partners, Accel Partners, and Evolvence India. Entrackr had exclusively reported the development in July. The Tiger Global-backed company has raised around $190 million to date including a $75 million Series E round led by Apis Partners. The firm was valued at $900 million during its last equity round. According to the startup data intelligence platform TheKredible, Accel was the largest external stakeholder in Moneyview with 22.28% followed by Tiger Global which held 12% of the company as of the last funding round. Its co-founders Puneet and Sanjay Agarwal cumulatively command 24% capital of the firm. Ribbit Capital, Apis Partners, Winter Capital, and Evolvence are other notable investors in Moneyview. See TheKredible for the detailed shareholding pattern. Founded in 2014, Moneyview largely deals in personal and home loans, credit cards, credit score viewing, motor insurance and loans against property. Besides third parties, the firm also offers credit through its own NBFC — Whizdm Finance. It claims to have disbursed loans worth Rs 1,2000 crore during its decade-old journey. While Moneyview is yet to disclose FY24 financial numbers, the company’s revenue from operations grew 2.6X to Rs 577 crore in FY23. Its profit mounted 27X to Rs 163 crore during the said fiscal year.
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Exclusive: Fintech unicorn Moneyview to convert into public company ahead of IPO
Entrackr
·
2m ago
Medial
Fintech unicorn Moneyview is set to convert into a public company ahead of its IPO. The company recently changed its parent company’s name from “Whizdm Innovations Private Limited” to “Moneyview Private Limited.” The board has passed a special resolution to convert the company into a public entity, renaming it “Moneyview Limited.” Moneyview aims to raise over $400 million through its IPO, having appointed Axis Capital, Kotak Mahindra, and others as banking partners. Founded in 2014, Moneyview offers loans, credit cards, BNPL, and financial management tools, partnering with over 15 institutions. It has raised over $230 million from investors such as Accel and Tiger Global. For FY24, Moneyview's revenue increased by over 75% to Rs 1,012 crore, with a profit of Rs 171 crore. Other fintech firms like Pine Labs and Razorpay are also preparing to go public.
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Accel-backed Moneyview acquires Jify, enters unicorn club
VCCircle
·
11m ago
Medial
Bengaluru-based fintech company Moneyview has acquired Jify.co, a platform that allows employees to access their earnings on demand. The acquisition involved a share swap with Moneyview's existing investors Accel and Nexus Venture Partners, who were shareholders of Jify. Financial details of the transaction were not disclosed. Moneyview, which raised $75 million in its Series E round, reported a consolidated revenue of INR 576.7 crore ($77.6 million) in the financial year ending March 2023. The acquisition will enhance Moneyview's suite of financial services and enable Jify to expand its offerings to more employees and organizations.
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Exclusive: Moneyview set to turn unicorn in Series F round
Entrackr
·
1y ago
Medial
Tech-enabled lending platform Moneyview is likely to turn into a unicorn as the Bengaluru-based firm appears close to finalizing a new round from new and existing investors, said two people familiar with details of the ongoing discussions. The firm last raised $75 million led by Apis Partners in December 2022. “Moneyview is in late stage talks to raise $50-60 million in Series F round,” said one of the sources requesting anonymity as talks are private. “New backers along with existing Apis Partners, Accel Partners and Evolvence India will participate in this round.” The terms of the deal are in the last leg of negotiation and Moneyview will surpass the $1 billion valuation mark, said sources. Moneyview has raised nearly $190 million (Rs 1,563 crore) to date and was valued at around $900 million (Rs 7,300 crore) in its last fundraise. The company had raised back to back rounds ( Series D and E) $75 million each in March and December 2022. If the deal gets through, Moneyview would be the third unicorn of the year. Krutrim SI Designs and Perfios made it to the unicorn club in 2024. Founded by Puneet Agarwal and Sanjay Aggarwal, Moneyview largely deals in personal and home loans through third party lenders. It also offers credit cards, credit score viewing and loans against property. The firm’s growth momentum and profitability have attracted new and existing investors, sources outlined. While The company is yet to disclose FY24 financial numbers, MoneyView’s revenue from operations grew 2.6X to Rs 577 crore in FY23. During the same period (FY23), its profit mounted 27X to Rs 163 crore from Rs 6 crore in FY22. “Moneyview is also set to acquire a mid stage fintech company,” said another source who also requested anonymity. “The terms of the acquisition have been finalized which is strategic in nature.” Entrackr couldn’t ascertain the name of the acquiree. Queries sent to Moneyview founders and Accel didn’t elicit any response. As per startup data intelligence platform TheKredible, fintech startups raised over $2 billion across 62 deals during H1 2024. This accounted for 34% or one-third of the total fundraise during the period. When it comes to lending, the total fund raised stood at around $900 million as of the first half of this year.
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Zeta India crosses Rs 800 Cr revenue in FY23, turns profitable
Entrackr
·
1y ago
Medial
Zeta India, a banking tech firm, reported revenue growth of 32.7% to Rs 816 crore in FY23, turning profitable in the same period. However, it did not match the growth levels of the previous fiscal year. The company offers financial services to institutions and generated 76% of its income from outside India. Employee benefits accounted for the majority of expenses, but cost control measures helped the company post a profit of Rs 22 crore in FY23. Zeta became a unicorn in May 2021 after raising funds from SoftBank and Mastercard.
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Ex Myntra CEO’s startup Virgio shuts down after raising $37 Mn
Entrackr
·
1y ago
Medial
Fashion platform Virgio, founded by ex-Myntra CEO Amar Nagaram, has unexpectedly shut down operations just a year after its launch. Despite raising $37 million in December last year, the reasons behind the closure have not been disclosed. Virgio aimed to create a fashion ecosystem by connecting designers and manufacturers, offering a range of clothing for men and women. With over 100,000 users, the startup had received support from investors like Prosus Ventures, Alpha Wave Partner, and Accel Partners. This marks the first e-commerce company to shut down after significant funding.
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