To further strengthen its mission to enable financial inclusion by providing savings and investment support to over 40 million underserved Indians, Siply, India’s leading tech-enabled micro-savings platform today announced its pre-series A fund raise of $19 million, led by QI Ventures. The round also received participation from existing investors, LetsVenture, and JITO along with angel investors such as Vivek Sunder, CEO of Cuemath (Ex COO, Swiggy).
Ayan Chatterjee from QI ventures said “Siply is a disruptive idea in “Micro Savings”. They are possibly the only business on a mission to convert a significant portion of 40cr India 2 population to a Net Saving customer from Net Borrowing customer when most other Fintechs are focusing on lending. Their intense focus on savings will not only positively impact the lives of the common Indian by inculcating a savings habit, but also bring about the right kind of financial transformation that India needs. For the country to progress we need inclusive and responsible growth that’s fair to all, and we think Siply can be a driver of that inclusiveness – in a profitable way.”
With an intense focus on unit economics with a target to achieve triple-digit ARPU, the current round will also pave the way for Siply to be operationally cash positive, which it is targeting by mid of next year, for which it’s high revenue generating solutions through specific savings instruments will be a key. Siply is also targeting acquisitions in this space over the next few months.
Siply is currently at a $1M revenue run rate, which has grown 22X since its last round, and is projected to reach a $12M revenue run rate and $80M AUM by March 2023. Siply expects to achieve $750M AUM by March 2024 with a $51M revenue run rate.
Commenting on the announcement, Sousthav Chakrabarty, Co-founder & CEO, Siply, said “In the current environment, strong revenue-aligned companies that have a clear path to profitability are attracting long-term capital from investors. 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.”
Siply had earlier raised its previous round of $3.2 Million back in August 2021 that saw participation from LetsVenture, Founder Room Circle, and saw participation from investors like Kunal Shah (Cred), Beerud Sheth (Gupshup), Satish Grampurohit (Ex-Infosys), Shanti Mohan (LetsVenture) and Pratekk Agarwaal (Angel Investor, Ex CBO-BharatPe) along with existing investor JITO Angel Network also participating in the round.
Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, that aims to be the preferred financial partner of choice for the 40+ crore Indians who are not yet a part of reach of the current financial service providers. Since the last raise, Siply has registered 3600% growth in user base, with a 3200% growth in funded accounts. With about 6 million+ accounts opened, with 8.5 million+ transactions, Siply has also seen a 5200% increase in monthly transacting users. Over the last 12 months Siply has also disbursed around 149 Crores across 1,50,000 Loans with Zero NPA to date.