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Software platform Manch, fintech startup The Money Club raise funds
Photo Credit: 123RF.com

Bengaluru-based software platform Manch Technologies on Tuesday said it has closed a $1.1 million pre-Series A round led by Bharat Inclusion Seed Fund. The round also saw participation from Pentathlon Ventures.

“The zero-coding, rapid implementation platform by Manch ensures that our clients concentrate on the core business,” Suresh Anantpurkar, CEO and founder of Manch, said.

The startup said its revenue grew multifold over the past 12 months. 

The platform works with companies like Dunzo, NetAmbit, Paytm Money, PharmEasy, Swiggy, Xiaomi. 

The Money Club

Fintech startup The Money Club has raised $1.7 million pre-Series A funding led by SOSV and Venture Catalysts.

The round also saw participation from Blume Founders’ Fund, LetsVenture, Keiretsu Forum, Rockstud Capital, Astarc Ventures, and LIV Advisors Ltd.  

Founded by Manuraj Jain and Surajit Ray, The Money Club uses AI algorithms to underwrite high frequency, micro pooling of funds by studying user behaviour.  

‘’Users have been pooling money for over 700 years and this market has been growing at a 15% CAGR for the last 10 years. High onboarding barriers and lack of innovation in savings products has driven 180 million in India to resort to pooling funds illegally in the form of committees, beesi, chitty, and chit funds and expose themselves to fraud and loss of their hard-earned money,” Manuraj Jain, founder and CEO of The Money Club, said.

The platform said it has acquired over 200,000 users and has grown 500% in the last 12 months. The users have pooled around Rs 40 crore by forming 17,000 money clubs on the platform to date.

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