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HomeBusinessSiply Raises $3.2 Million In Pre-Series A Funding

Siply Raises $3.2 Million In Pre-Series A Funding

The Gurugram-based e-commerce platform currently retails goods across fashion, home décor and electronics categories covering 31,500 pin codes in India.

Siply, a Digital Banking platform specifically targeted at the underserved 40 Crore Indians through its Micro-Savings, Micro-Credit, and Micro-Insurance offerings has raised $3.2 Mn in Equity and Debt as part of its Pre-Series A
 Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat — both seasoned professionals of the banking, finance, and technology sectors, with prior experience of entrepreneurship, Siply provides “sachet financial services” to contract workers, blue-collar workers, gig economy workers, and small business owners.

Speaking about the development, Sousthav Chakrabarty, Co-founder and CEO, Siply, said,

“Siply wants to be the preferred financial services brand to the 40 crore Indians who are not yet a part of the formal banking system. We are building a platform that is tailor-made to serve the specific needs of this segment, which has so far been largely overlooked by current financial institutions like banks and mutual fund houses.”
JITO Angel Network (JAN) A premium community-based organisation which invests in Budding entrepreneurs and supports them by leveraging the Jain community platform made by Jain International trade organisation. JITO Angel Network have invested in 45+ companies and have got multiple exits in the last 6 months giving handsome returns to its investors.  JITO Angel Network is part of JIIF which has its own incubation centre – the incubation centre has incubated 25+ incubatees supporting Jain entrepreneurs to grow their business.

“Siply is one of our best performing portfolio companies with phenomenal growth and dynamic founders, we are happy to have led the earlier round and also participate in the further round raised by the company” 

“The growth Siply has achieved within 14 months of its launch has been truly outstanding! It just goes to show that a powerful idea for a noble cause, backed by a dream team, has limitless potential.” Deal Lead – Mr. Vishal Jain, Managing Director of a Global, Multi-National Company, New Delhi. 

The start-up was founded in mid-2020 by the two co-founders Sousthav Chakrabarty and Anil Bhat, who are seasoned Bankers and Technologists and have built large businesses in the past. _

In just 14 months the Startup has over 15 Lakh users and have collectively done 20 Lakh transactions amounting to total savings of 150+ Crores. These are via the 37+ large partnerships including Swiggy, Awign, Hesa, Apna, Moneytap, and Grameen to name a few. _

It launched Micro-Credit in July, and in just short 4 months it has disbursed more than 50 thousand loans for a total volume of more than 30 Crores. Its loan book has grown at 150% MOM over the last 4 months. _

With this traction, Siply plans to soon raise Series A and in the next 12 months reach a user base of 1 Crore users and process 3 Crore transactions with overall savings of 600 Crores and disburse over 500 Crores in Loans through its Micro-Credit offering.

Source: Business World

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