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Havish Gupta
Figuring Outย โขย 7m
These two guys made a $200 Million Startup in genre which everyone ignored! (But now it's failing) So it was 2019, online payments' usage was rising and had become a norm for many. All fintech companies were spending millions to onboard users but the forget one group who were soon gonna dominate when it comes to spending. And that was GenZ! Looking a this, Kush Taneja and Sambhav Jain started FamPay, a Neo bank that allowed teens to make online and offline payments without having the need to set up their bank accounts. Investors loved this idea and teens couldn't stop joining it. They raised $4.7 Million in seed funding from Y-Combinater and soon from Giants like Sequoia as well. They were onboarding a ~million user every year and reached to the peak of 10 Million in 2022! But there was a problem! IDFC Bank ended its payment partnership with FamPay in Feb 2023. This forced account holders to exhaust their balance within a short deadline and led to a continuous decline of users. Also it way the funding winter and their expenses were going crazy! In FY23, They spent โน120 Cr to earn a single digit revenue of 7cr. Thus now as last hope, they're focusing on being more of a regular UPI app and they are doing great at it. And they have aldredy registered more than 50 million transactions through UPI in July 2024 which surpasses that of apps like WhatsApp, MobiKwik and Flipkart UPI. So, Do you think they can bounce back?
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