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Moneyview Achieves Unicorn Status: Moneyview has become the sixth unicorn in India in 2024 after raising $4.6 million from Accel India and Nexus Ventures, valuing the fintech start-up at $1.2 billion.
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Future Fundraising Plans: The start-up plans to continue its fundraising efforts and is exploring raising Rs 250 crore through private placement of non-convertible debentures (NCDs) from undisclosed investors.
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Acquisition of Jify: Moneyview recently acquired Jify, a fintech start-up that provides on-demand salary access to employees. The acquisition was executed via a share swap, integrating Jify's investors and employees into Moneyview.
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Financial Growth: Moneyview has shown strong financial performance, with revenues increasing from Rs 222 crore in FY22 to Rs 577 crore in FY23 and profits rising from Rs 6 crore to Rs 163 crore during the same period.
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Competitive Landscape: Moneyview competes with other fintech companies such as Kissht, Branch, and CASHe, offering a range of financial services including personal loans, business loans, and credit score tracking.
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Increase in Unicorns in 2024: The number of unicorns in India has increased significantly in 2024 compared to 2023, driven by higher funding levels and greater trust in private markets. Six companies, including Moneyview, have reached unicorn status this year.
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This fintech startup, MoneyView, has reached unicorn status, the sixth in India to cross the billion-dollar valuation in 2024. The valuation came after MoneyView raised USD 4.6 Mn in the latest round of funding led by Accel India and Nexus Ventures.
The company issued 60.23 lakh equity shares to the above investors at Rs 64.15 per share, aggregating to about $4.65 million. As per the reports of Entrackr, it has a valuation of around $1.2 billion at this funding round. Moneyview, established in 2014 is offers an array of financial services such as personal loans and business loans besides credit score monitoring.
Future Fundraising Plans and Private Placement of NCDs
The fundraising for Moneyview is believed to be in the works, and it will likely raise more over the next couple of months. Moneyview is also considering a Rs 250 crore raise through a private placement of non-convertible debentures with unnamed investors.
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Moneyview Acquires Jify in Share Swap Deal
The round is announced concurrently with Moneyview acquiring Jify, a fintech startup that offers salary on demand to employees. This feature enables employees to withdraw parts of their salary ahead of payday to attain more financial flexibility. The deal is a share swap transaction, wherein Jify's investors, Accel India and Nexus Venture Partners, have been issued shares in Moneyview.
Jify's employees will join Moneyview following the acquisition. The integration is planned to take the services of Jify to more customers in home loans, personal credit, business loans, and loans against property.
Financial Performance and Competitors
Bengaluru-headquartered Moneyview was founded in 2014 by Puneet Agarwal and Sanjay Aggarwal. All in all, it has raised $215 million in nine rounds of funding from investors including Tiber Global, Accel India and
Puneet Agarwal and Sanjay Aggarwal ( Image Source - Techcircle)
Nexus Venture Partners
Moneyview clocked revenues of Rs 222 crore in FY22, which jumped manifold to Rs 577 crore in FY23. Similarly, the profit also surged from Rs 6 crore in FY22 to Rs 163 crore in FY23. Its other competitors in the space include Kissht, Branch, and CASHe.
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Unicorns Rising in 2024
2024 unicorns have increased than those of 2023. In 2023, only two companies were converted into unicorns: Zepto, a quick commerce start-up, and InCred Finance, a fintech firm. But till September 2024, Moneyview and six other start-ups came out to be unicorns, which include Krutrim, Perfios, Porter, Rapido, and Ather. According to experts, this phenomenon is due to a surge in investor confidence in the private markets and increased funding in the sector.
Inputs by Agencies
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