Moneyview's massive growth! Becomes 6th Unicorn in 2024
With a new funding round led by its current backers, Accel India and Nexus Ventures, consumer lending platform Moneyview has become a unicorn.
According to regulatory papers obtained from the Registrar of Companies (RoC), the board of Moneyview has approved a special resolution to issue 60,23,382 equity shares at an issue price of Rs 64.15 apiece in order to raise Rs.38.64 crore, or roughly $4.65 million.
Nexus Ventures contributed Rs.19 crore, and Accel India contributed Rs.29 crore. It looks like the round is still continuing on, and the company will probably raise more money in the upcoming months.
A new data intelligence platform called TheKredible estimates Moneyview's value at about Rs 10,086 crore, or $1.2 billion (post-allotment).
When Moneyview earned $75 million in the month of December 2022 under the leadership of Tiger Global, it was valued at $900 million.
It was exclusively revealed by Entrackr in July that Moneyview was seeking to raise $50–60 million in a exclusive funding round. Additionally, the company is about to get $30 million in financing through private placements. Entrackr was the only source to report on the debt round on September 2.
Moneyview revealed on Thursday that it had acquired Jify.co, a platform that lets workers access their income whenever they want. With this calculated acquisition, Moneyview's extensive portfolio of financial services will be strengthened, and Jify will be able to expand its clientele to include more workers and businesses.
Accel and Nexus Venture Partners contributed $10 million to Jify's fundraising round in August 2022.
The business, however, remained silent over unicorn valuation.
Moneyview, which has been around for ten years, specializes in personal and house loans, credit cards, credit score, auto insurance, and loans secured by property. Additionally, the company extends credit through Whizdm Finance, its own NBFC, and reports having disbursed loans of Rs 12,000 crore.
Moneyview's operating income increased by 2.6 times to Rs.577 crore in FY23, while its profit increased by 27 times to Rs.163 crore in the same fiscal year. Entrackr was able to obtain an internal document from the company that said Moneyview's profit before taxes for FY24 was Rs.175 crore.
As of the Series E funding round, Accel held the greatest percentage of external stakes in Moneyview, accounting for 22.28%, followed by Tiger Global with 12%.
Six firms joined the unicorn club in 2024: Moneyview, Krutrim, Perfios, Porter, Rapdio, and Ather. Notably, Bengaluru serves as the headquarters for each of these businesses.
According to regulatory papers obtained from the Registrar of Companies (RoC), the board of Moneyview has approved a special resolution to issue 60,23,382 equity shares at an issue price of Rs 64.15 apiece in order to raise Rs.38.64 crore, or roughly $4.65 million.
Nexus Ventures contributed Rs.19 crore, and Accel India contributed Rs.29 crore. It looks like the round is still continuing on, and the company will probably raise more money in the upcoming months.
A new data intelligence platform called TheKredible estimates Moneyview's value at about Rs 10,086 crore, or $1.2 billion (post-allotment).
When Moneyview earned $75 million in the month of December 2022 under the leadership of Tiger Global, it was valued at $900 million.
It was exclusively revealed by Entrackr in July that Moneyview was seeking to raise $50–60 million in a exclusive funding round. Additionally, the company is about to get $30 million in financing through private placements. Entrackr was the only source to report on the debt round on September 2.
Moneyview revealed on Thursday that it had acquired Jify.co, a platform that lets workers access their income whenever they want. With this calculated acquisition, Moneyview's extensive portfolio of financial services will be strengthened, and Jify will be able to expand its clientele to include more workers and businesses.
Accel and Nexus Venture Partners contributed $10 million to Jify's fundraising round in August 2022.
The business, however, remained silent over unicorn valuation.
Moneyview, which has been around for ten years, specializes in personal and house loans, credit cards, credit score, auto insurance, and loans secured by property. Additionally, the company extends credit through Whizdm Finance, its own NBFC, and reports having disbursed loans of Rs 12,000 crore.
Moneyview's operating income increased by 2.6 times to Rs.577 crore in FY23, while its profit increased by 27 times to Rs.163 crore in the same fiscal year. Entrackr was able to obtain an internal document from the company that said Moneyview's profit before taxes for FY24 was Rs.175 crore.
As of the Series E funding round, Accel held the greatest percentage of external stakes in Moneyview, accounting for 22.28%, followed by Tiger Global with 12%.
Six firms joined the unicorn club in 2024: Moneyview, Krutrim, Perfios, Porter, Rapdio, and Ather. Notably, Bengaluru serves as the headquarters for each of these businesses.
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