Siply, a micro-savings platform, said it has raised pre-series A fund of $19 million, led by QI Ventures. The round also received participation from existing investors, LetsVenture, and JITO along with angel investors such as Vivek Sunder, CEO of Cuemath, it said.
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The current round will also pave the way for the app to be operationally cash positive, which it is targeting by mid of next year, it added. It is also targeting acquisitions in this space over the next few months.
Sousthav Chakrabarty, co-founder & CEO, Siply, said “In the current environment, strong revenue-aligned companies that have a clear path to profitability are attracting long-term capital from investors.”
“We are positioned to be a leader in the new category of digital banking for the next 400 million Indians,” he said. It had raised $3.2 million in August 2021.