# IndMoney
IndMoney (styled INDmoney) is an Indian personal-finance and wealth-management startup, based in Gurugram and Bengaluru, founded in 2019 by Ashish Kashyap and still operating as of the latest available record. It began as a machine-learning-driven app for tracking investments, expenses, and financial goals, then expanded into zero-commission investing in mutual funds, bonds, Indian stocks and US-listed stocks, and later added neobanking, a dedicated trading platform, and lending.[1](https://techcrunch.com/2022/01/17/indmoney-super-app-finance-funding/) • [2](https://www.indmoney.com/about) Its best-documented funding event is an $86 million round closed in March 2022 at a $650 million post-money valuation.[3](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms)
| Key facts | |
|---|---|
| Founded | 2019, by Ashish Kashyap (previously co-founder of Ibibo and PayU)[1](https://techcrunch.com/2022/01/17/indmoney-super-app-finance-funding/) |
| Headquarters | Gurugram and Bengaluru, India[1](https://techcrunch.com/2022/01/17/indmoney-super-app-finance-funding/) |
| What it does | Personal-finance app: investment tracking, mutual funds, Indian and US stocks, ETFs, IPOs, neobanking, trading via INDstocks[2](https://www.indmoney.com/about) • [5](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136) |
| Largest funding round | $86 million closed March 2022 at $650 million post-money valuation[3](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms) |
| Total raised | $144 million as of March 2022 (later aggregator figures differ)[3](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms) |
| FY25 financials | Operating revenue Rs 1.64 billion (Rs 164 crore; 2.3X year-on-year); cash losses Rs 760 million (Rs 76 crore)[5](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136) |
| Status | Active; no funding rounds reported after March 2022 in the available record[5](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136) |
## What IndMoney is
The company describes itself as a one-stop personal-finance application in which Indians can track finances across family members, plan goals, and invest in mutual funds, Indian shares, US stocks, ETFs, and IPOs.[2](https://www.indmoney.com/about) In practice it spans several categories at once: a wealth tracker, a mutual-fund and equities investing platform, a US-stock investing service, and a neobank. It targets the "mass affluent" demographic aged roughly 21 to 45.[1](https://techcrunch.com/2022/01/17/indmoney-super-app-finance-funding/)
## Founding and history
Ashish Kashyap, founder and chief executive, previously co-founded the travel ticketing firm [Ibibo](https://www.edgepedia.org/ibibo) and the financial services firm PayU.[1](https://techcrunch.com/2022/01/17/indmoney-super-app-finance-funding/) The company's own site says it launched in 2019 with a mission of democratizing access to financial services for Indians.[2](https://www.indmoney.com/about) An unverified aggregator profile dates the legal entity, INDMONEY TECH PRIVATE LIMITED (CIN U62099HR2018PTC073294), to incorporation on March 27, 2018 in Haryana, and lists co-founders Varun Bhatia, Nikhil Behl, Dhruv Pathak, and Amrita Sirohia alongside Kashyap; no primary registry source is available in the record to confirm these details.[6](https://tracxn.com/d/companies/indmoney/__j8WwzdKAbUilPnl-UqX59VyLUr6Z9RVauylwFJRIk3o)
## Products and services
The product set grew in stages. The original app used machine learning to track investments, expenses, and goals.[1](https://techcrunch.com/2022/01/17/indmoney-super-app-finance-funding/) Investing followed across mutual funds, bonds, Indian stocks, and US-listed stocks at zero commission.[1](https://techcrunch.com/2022/01/17/indmoney-super-app-finance-funding/) In 2021 the company launched a neobanking platform in association with SBM Bank India, which it said reached half a million accounts within three months, and it planned a linked credit card.[4](https://economictimes.indiatimes.com/tech/funding/indmoney-raises-75-million-led-by-tiger-global-steadview-dragoneer/articleshow/88954916.cms) • [3](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms) By early 2022 IndMoney had received licenses to roll out its Indian stock trading platform.[3](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms) More recently it introduced trading services under a separate platform, INDstocks, and earns revenue across Indian and US equities, cross-border remittances, wealth management, secured lending, and insurance.[5](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136)
## Funding and investors
The Series D round came in two tranches. In January 2022 IndMoney raised $75 million at a $640 million post-investment valuation, with Steadview Capital, Tiger Global, and Dragoneer Investment Group each investing $25 million according to regulatory filings.[4](https://economictimes.indiatimes.com/tech/funding/indmoney-raises-75-million-led-by-tiger-global-steadview-dragoneer/articleshow/88954916.cms) [TechCrunch](https://www.edgepedia.org/techcrunch) reported the round as co-led by the three firms, taking total funding to $133 million at that point.[1](https://techcrunch.com/2022/01/17/indmoney-super-app-finance-funding/) In March 2022 the company added a final $11 million tranche led by Singapore-based Sixteenth Street Capital, closing the round at $86 million and lifting the post-money valuation to $650 million.[3](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms) [Individual](https://www.edgepedia.org/individual) investors included Lenskart founder [Peyush Bansal](https://www.edgepedia.org/peyush-bansal) and Nearbuy co-founder Ankur Warikoo; Kashyap and senior executives also invested.[3](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms)
Total funding figures differ across sources: $144 million as of the March 2022 close per [The Economic Times](https://www.edgepedia.org/the-economic-times),[3](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms) $133 million reiterated by Entrackr in FY25 coverage,[5](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136) and $158 million per the Tracxn aggregator (unverified).[6](https://tracxn.com/d/companies/indmoney/__j8WwzdKAbUilPnl-UqX59VyLUr6Z9RVauylwFJRIk3o) No funding rounds after March 2022 appear in the available record.
## Traction and financials
In January 2022 the company claimed 3.5 million registered users tracking more than $15 billion in investments.[4](https://economictimes.indiatimes.com/tech/funding/indmoney-raises-75-million-led-by-tiger-global-steadview-dragoneer/articleshow/88954916.cms) By the March 2022 close it reported 4 million registered users and said it had facilitated $1.1 billion in investments.[3](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms)
The FY25 figures are the most recent audited-scale data in the record. Operating revenue grew 2.3X year-on-year to Rs 1.64 billion (Rs 164 crore) in FY25 from Rs 700 million (Rs 70 crore) in FY24, and total revenue grew 67% to Rs 2.14 billion (Rs 214 crore).[5](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136) Cash losses widened to Rs 760 million (Rs 76 crore) in FY25 from Rs 320 million (Rs 32 crore) in FY24, which the company attributed to front-loaded investments in trading infrastructure, [GIFT City](https://www.edgepedia.org/gift-city) global investing, in-house NBFC lending rails, compliance, and INDstocks user acquisition.[5](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136)
## Business model
IndMoney earns revenue across Indian and US equities, cross-border remittances, wealth management, secured lending, and insurance.[5](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136) The company said less than 10% of FY25 revenue came from futures and options trading, and that around 85% of revenue now has annuity or perpetuity-like characteristics; these are company claims, not independently verified figures.[5](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136)
## References
1. [INDmoney raises $75M for its super finance app in India — TechCrunch](https://techcrunch.com/2022/01/17/indmoney-super-app-finance-funding/)
2. [Our Company — INDmoney](https://www.indmoney.com/about)
3. [IndMoney closes $86 million funding, valued at $650 million — The Economic Times](https://economictimes.indiatimes.com/tech/funding/indmoney-closes-86-million-funding-valued-at-650-million/articleshow/90495185.cms)
4. [IndMoney raises $75 million in fresh funding at $640-million valuation — The Economic Times](https://economictimes.indiatimes.com/tech/funding/indmoney-raises-75-million-led-by-tiger-global-steadview-dragoneer/articleshow/88954916.cms)
5. [INDmoney's revenue jumps 2.3X to Rs 164 Cr in FY25 — Entrackr](https://entrackr.com/news/indmoneys-revenue-jumps-23x-to-rs-164-cr-in-fy25-10965136)
6. [INDMoney — Tracxn company profile](https://tracxn.com/d/companies/indmoney/__j8WwzdKAbUilPnl-UqX59VyLUr6Z9RVauylwFJRIk3o)
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Fintech, commerce, and consumer startups › Lending, credit, and neobanks*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license