Micro-savings platform Siply raises $3.2 million in pre-Series A funding

Bengaluru: Bengaluru-based micro-savings platform, Siply, has raised $3.2 million in equity and debt as part of its Pre-Series A. The round was led by LetsVenture, AngelList India, 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).Existing investor JITO Angel Network also participated in the round, the startup said in a statement on Monday."With these funds, we shall further the reach of Siply to over 400 towns and strengthen our team & tech," cofounder and CEO of Siply, Sousthav Chakrabarty said.Siply said it plans to raise Series A, and in the next 12 months, reach a user base of one crore users and process three crore transactions with overall savings of Rs 600 crore and disburse over Rs 500 crores in loans through its micro-credit offering.

In 14 months, Siply has attained over 15 lakh users who have collectively done 20 lakh transactions amounting to total savings of Rs 150 crore, it was stated.

Published by Economic Times on October 25 | https://bit.ly/3nPCqXVCheck out how Revenue Based Financing is the asset class for the Smart Investor and what investors should account for in Bharat-focused startups.