Fin-tech startup InMotion Media Ventures Pvt. Ltd has received an undisclosed amount of funding from online drug marketplace 1mg’s founders Prashant Tandon and Gaurav Agarwal, a top executive at the Noida-based startup told VCCircle.
Gaurav Bhogle, product marketing manager at Google Maps; Shrishti Sahu, director at Aqaya, Shantanu Mathur, country head at Knowlarity Cloud Telephony; and existing angel investor Prabhat Aggarwal also took part in the round.
InMotion co-founder Durgesh Nandann said the startup is raising a total of Rs 1.5 crore ($225,000) as part of the pre-Series A round. The round is still not closed and the startup is looking for other investors.
The startup was founded in 2015 by Nandann, who was later joined by Saurabh Jaiswal as chief technology officer. The company provides financial services to daily wagers and low-income groups. It transfers money in any bank account in India on real-time basis and converts local grocery shops into a bank with the help of the app. It also helps people build a credit score and enables access to finance, insurance and pension in order to become financially stable.
Sahu said InMotion can help accelerate the financial inclusion movement in India by providing the unbanked and the underserved access to financial services. She added that demand for such platforms will go up as more people get online.
The startup has set up about 50 Bachat Mitra kiosks across Delhi where the daily wagers can get assistance for their savings, loans, insurance, pension and other utility services. It claims to have roped in nearly 7,000 low-income individuals.
InMotion earns its revenue from subscription charges and commission from other service providers. The startup is planning to expand its services in North India and all major cities in the next six months.
Last year, the startup had raised an undisclosed amount in seed funding from angels Prabhat Agarwal and Rajiv Agarwal. Abhinav Krishna, co-founder and chief executive of OurHealthMate, a health startup, also participated in that round.
The fin-tech segment has become a preferred area for venture capital and early-stage investors in the country, as these firms use technology to disrupt the current offline system of lending, borrowing, personal finance and financial inclusion.
Recently, Bengaluru-based Scripbox.com India Pvt. Ltd raised Rs 16 crore in its Series A funding from Accel Partners and a group of angel investors. New Delhi-based IndiaLends raised an undisclosed amount in a pre-Series A round led by DSG Consumer Partners and angel investors including Siddharth Parekh.
Online investment advisory platform Goalwise raised $1 million in May from affluent individuals while digital payments firm TranServ Pvt. Ltd secured $15 million in its Series C investment round in April.
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