Moneyview, a leading consumer lending platform, has reached unicorn status after securing additional funding from its investors, Accel India and Nexus Ventures. The company raised around Rs 38.64 crore (USD 4.65 million) through the issue of equity shares. This new capital comes from the issuance of 60,23,382 equity shares at Rs 64.15 per share.
New Funding Propels Growth
The investment includes contributions of Rs 29 crore from Accel India and Rs 19 crore from Nexus Ventures, further strengthening Moneyview’s financial position. As a result of this funding round, the company’s valuation has soared to Rs 10,086 crore (USD 1.2 billion), making it part of the exclusive unicorn club. This is a significant increase from its December 2022 valuation of USD 900 million when Tiger Global led a USD 75 million funding round.
Moneyview is expected to raise even more capital in the coming months, continuing its upward trajectory.
Strategic Acquisition of Jify
In addition to its funding success, Moneyview has expanded its service offerings by acquiring Jify, a Mumbai-based startup that specializes in employee benefits. Jify provides a zero-cost, real-time salary advance platform, allowing employees on-demand access to their earnings.
This acquisition, completed through a share swap, gives Accel and Nexus Venture Partners, Jify’s investors, shares in Moneyview. Jify had previously raised USD 10 million from investors like Amica Financial Technologies and VCAPL, making it an attractive target for Moneyview as it aims to diversify its financial services.
Financial Services for the Workforce
With the addition of Jify’s salary advance platform, Moneyview plans to extend its financial services to the underserved workforce, enhancing offerings in credit, savings, and investments. This move aligns with the company’s vision to create more opportunities for individuals who are often overlooked by traditional financial institutions.
Moneyview’s portfolio already includes a variety of financial products such as personal loans, home loans, credit cards, motor insurance, and loans against property. The company operates its own NBFC, Whizdm Finance, and collaborates with partners like DMI Finance, Northern Arc, and Oxyzo to deliver these services.
Joining the Unicorn Club
Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview has disbursed over Rs 12,000 crore in loans to date. In 2024, it joins a growing list of Indian startups, including Krutrim, Perfios, Porter, Rapido, and Ather, that have achieved unicorn status, highlighting its significant impact in the fintech sector.
