IndMoney, a wealth management solutions provider, has secured $75 million in a round of funding backed by current investors.

Steadview Capital, Tiger Global, and Dragoneer Investment Group all contributed $25 million to the campaign, which sources claimed valued IndMoney at $640 million post-investment.

With the addition of additional investors, the most recent investment round is projected to receive a $10 million boost in the coming weeks. Ashish Kashyap, the CEO of IndMoney and the founder of travel booking site Goibibo, also contributed to the fresh round of funding. Kashyap refused to comment on the new investors because the deal hasn't completed yet.

IndMoney, which was founded in 2019, allows users to manage and organise their money on a single platform, as well as invest in a variety of financial products including as mutual funds, term deposits, US equities, and bonds. As part of its premium service, it also assists consumers with wealth planning options.

The company also plans to introduce a credit-card-based product for its users, which will be tied to its neobank. It also plans to launch domestic stock brokerage services this year, allowing customers to invest in Indian equities, and is working on obtaining the appropriate licences.

Last year, the business partnered with SBM Bank India to develop a neobanking platform, which has now grown to 500,000 accounts in only three months.

Kashyap said, “for us the motivation is very simple. We have acquired 3.5 million high-quality users, which is one of the hardest parts of running a fintech company. We will be using the capital proceeds to scale to 25 million to 30 million customers in the next 12-18 months. We are also working to build the trading or ordering system for our domestic stockbroking offering. Further, with access to rich data we will also look to issue native credit cards to our user base.”

Since its debut, IndMoney claims to have 3.5 million registered customers and over $15 billion in assets on its platform. The company plans to offer credit lines ranging from Rs 75,000 to Rs one lakh as part of its card offering.

Steadview Capital's founder, Ravi Mehta, remarked, “Steadview has been impressed with the IndMoney team’s ambition and execution towards building India’s premier digital bank, redefining how people build financial security with a user-friendly, easy-to-use, mobile-native platform.”

Last year, wealth management fintechs experienced a surge in funding, raising substantial sums of money.

Groww secured $251 million in October from Iconiq Growth and others, bringing the startup's worth to $3 billion in only six months. Cred, helmed by serial entrepreneur Kunal Shah, also concluded a $251 million round, with investors giving the three-year-old business a $4 billion value. Even payments-focused fintechs, such as Paytm and PhonePe, have launched mutual funds and other financial instruments in India's fast-growing online wealth management sector.