Siply has acquired digital savings app myPaisaa for $7.5 million (around Rs 62 crore) with an aim to double down on its offerings and expand user base.
"We plan to leverage myPaisaa's chit platform to enhance our existing offerings and expand our customer base” said Sousthav Chakrabarty, co-founder and chief executive officer at Siply.
Hyderabad-based myPaisaa, owned by Finsave Technologies, is a digital online chit and rotating savings and credit association (ROSCA) platform. It claims to have 50,000 registered users at present and a committed savings of Rs 100 crore.
"We are eager to leverage Siply's resources, expertise, and distribution to expand our reach further and bring our digital and ROSCA-compliant chit-based products to even more individuals in need,” said, Veera Praveen, co-founder and chief operating officer, Finsave.
Founded in July 2020 by Chakrabarty and Anil Bhat, Siply is a micro-savings platform that provides financial services to underserved masses. Its target group includes contract workers, blue-collar workers, gig economy workers, and small business owners. The startup provides savings-related education as well.
The Bengaluru-based startup has a physical presence, with 14 of its branches in 3 states and 8 cities. It aims to launch 1,000 branches across 115 cities in India over the next 3 years. Last year, the startup turned profitable in November 2022, clocking Rs 2.12 crore in profit.
In June 2022, Siply raised $19 million in a funding round led by Qi Ventures. The round also saw participation from LetsVenture and Jito Angel Network along with angel investors like Vivek Sunder (Cuemath).
Earlier in 2021, it had raised $3.2 million with a mix of equity and debt as part of its pre-Series A round led by LetsVenture, AngelList India, and Founder Room Circle. The round also saw participation from angel investors such as Kunal Shah (Cred), Beerud Sheth (Gupshup) and Shanti Mohan (LetsVenture) amongst others.
