Fintech company RemitGuru eyeing to raise $50 million from its Current Investors
RemitGuru, a fintech company, is in talks to raise $50 million (roughly Rs 350 crore) from current and new investors, including Paytm, Infibeam NSE 2.89 percent Avenues, Pentathlon Ventures, and investor Ashish Kacholia.
Though Infibeam Avenues and Paytm were early investors in RemitGuru, which is in the digital remittance space, Pentathlon and Kacholia will be investing for the first time.
Founded in 2012 by Vishwas Patel and Hershel Asmani, Remitguru is a personalized online remittance service specially created to meet the unique needs of the Indian diaspora living overseas.
RemitGuru, like other fintech startups, has seen enormous growth during the Covid pandemic and is raising capital to finance its expansion.
Naushad Contractor created the digital money transfer platform in 2012, and it was incubated at Infibeam Avenues, a BSE-listed fintech firm.
In 2018, Muthoot Group and ICICI Bank have acquired minority stakes in the startup. Reports were unable to confirm whether they would seek additional funding during the current fundraising process.
“The fund raise is essentially focussed on a handful of investors and is spearheaded by Paytm, Infibeam and Kacholia,” a person aware of the development said.
Interestingly, this also comes at a time when Infibeam is already making a larger play in India’s digital infrastructure.
According to the company's website, RemitGuru enables corporate and retail customers to send money between countries.
The company also claims to provide banks a "white label" service for offering money and remittance services to customers across the globe. According to sources familiar with the situation, the startup now wishes to expand into markets such as the United States, Canada, Europe, and Australia.
As the Covid pandemic and lockdowns spread across the world, remittances to some countries, such as India, China, and the Philippines, increased.
In the coming years, the startup expects customers to rely more on online platforms and apps to transfer money from their bank accounts in one country to their home country.
Though Infibeam Avenues and Paytm were early investors in RemitGuru, which is in the digital remittance space, Pentathlon and Kacholia will be investing for the first time.
Founded in 2012 by Vishwas Patel and Hershel Asmani, Remitguru is a personalized online remittance service specially created to meet the unique needs of the Indian diaspora living overseas.
RemitGuru, like other fintech startups, has seen enormous growth during the Covid pandemic and is raising capital to finance its expansion.
Naushad Contractor created the digital money transfer platform in 2012, and it was incubated at Infibeam Avenues, a BSE-listed fintech firm.
In 2018, Muthoot Group and ICICI Bank have acquired minority stakes in the startup. Reports were unable to confirm whether they would seek additional funding during the current fundraising process.
“The fund raise is essentially focussed on a handful of investors and is spearheaded by Paytm, Infibeam and Kacholia,” a person aware of the development said.
Interestingly, this also comes at a time when Infibeam is already making a larger play in India’s digital infrastructure.
According to the company's website, RemitGuru enables corporate and retail customers to send money between countries.
The company also claims to provide banks a "white label" service for offering money and remittance services to customers across the globe. According to sources familiar with the situation, the startup now wishes to expand into markets such as the United States, Canada, Europe, and Australia.
As the Covid pandemic and lockdowns spread across the world, remittances to some countries, such as India, China, and the Philippines, increased.
In the coming years, the startup expects customers to rely more on online platforms and apps to transfer money from their bank accounts in one country to their home country.
