India’s first omnichannel financial services distributor MyMoneyMantra (MMM), announced an equity capital investment of INR 104 crores by IFSD BV and Vaalon Capital for a minority stake in the firm.
MyMoneyMantra was advised by JB Capital on raising Rs 104 crore from Vaalon Capital
The MMM platform and its 2,500 employees currently serve 4 million-plus customers from over 50 cities and has partnered with 90+ financial institutions. The Company was responsible for originating INR 7,000 crores (~USD 1 Billion) of credit-related products in FY2019.
In the last few years, the Indian lending space has witnessed rapid technological advancements due to alternate lending start-ups, MMM has carved out a unique “Phygital” niche on the back of its domain expertise & customer-centric data-driven distribution model.
Sharing the news Mr. Raj Khosla, Founder & Managing Director MMM, said, “We have been successfully disrupting the retail financial product landscape for the last decade through innovative marketing and technology. We have been clocking impressive year-on-year growth across our extensive product suite. This investment is a fantastic endorsement from an international partner and comes at an opportune time, as we are eager to capture an even larger share of the rapidly expanding Indian consumer market.”
He further added that in its next phase of growth, MMM plans to work closely with the Vaalon team to drive continued expansion in line with a three-point strategic vision:
- Further developing its pan-India reach
- Investing in technology to enable best-in-class products and services delivery to its customers
- Deepening its existing financial partner relationships with NBFCs, Banks and Insurance companies
Mr. Adam Teeger of Vaalon Capital added “We have been very impressed with the quality of the MMM team, their longstanding relationships with NBFCs, Banks and Insurers and their robust processes and platform. They have a proven record of customer-focused service delivery and an established track record of success. We are particularly excited by the MMM team’s initiatives focused on leveraging data analytics, technology, and digital marketing. We look forward to partnering with them to help drive the company’s next phase of growth.”