In a major development for the Indian fintech sector, Moneyview, a Bengaluru-based lending platform, has become the country’s sixth unicorn of 2024. The startup raised $4.6 million (approx. Rs 39 crore) in its latest funding round, bringing its valuation to a staggering $1.2 billion. The funding was backed by Accel India and Nexus Ventures, two prominent venture capital firms already associated with the company.
Moneyview, founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, has built its reputation by offering personalised credit services such as instant personal loans, business loans, and financial management solutions. The company is further planning to raise Rs 250 crore via non-convertible debentures (NCDs) to fuel its future growth.
Key Investments: Accel India & Nexus Ventures Lead the Round
According to reports, Accel India contributed Rs 29 crore, while Nexus Ventures added Rs 19 crore in this funding round. As the funding process is still ongoing, more investments are expected in the coming months. This fresh round of capital will strengthen Moneyview’s financial position and help in its strategic acquisitions.
Impressive Financial Growth
Moneyview’s rise to unicorn status comes on the back of impressive financial performance. In FY23, the company’s operating revenue surged by 160% from Rs 222 crore to Rs 577 crore. Even more striking, its profit jumped by a staggering 2,616%—from Rs 6 crore in FY22 to Rs 163 crore in FY23. This rapid growth solidifies Moneyview’s place as a key player in India’s booming digital lending industry.
Acquisition of Jiffy: Expanding Its Product Portfolio
Recently, Moneyview also made headlines by acquiring Jify, a fintech startup that enables employees to access their salary on demand. This acquisition is structured as a share swap arrangement with Accel India and Nexus Ventures. Through this acquisition, Moneyview aims to enhance its offerings by integrating Jify’s on-demand salary service, further diversifying its credit products and reaching a broader audience.
What Do You Think?
As Moneyview joins the unicorn club, it raises intriguing questions for the fintech and lending industries. How do you think this milestone will impact India’s startup ecosystem? Will it encourage more innovation in fintech, or will it lead to market consolidation? Share your thoughts!
