Micro-savings Platform Siply Raises $3.2 Mn In Pre-Series A Funding

Bengaluru-based micro-savings platform, Siply, on Monday announced to have raised $3.2 million in equity and debt as part of its Pre-Series A. The round was led by LetsVenture, AngelList India, Founder Room Circle and saw participation from investors like Kunal Shah (Cred), Beerud Sheth (Gupshup), Satish Grampurohit (Ex-Infosys), Shanti Mohan (LetsVenture) and Pratekk Agarwaal (angel investor, Ex CBO-BharatPe).

Existing investor JITO Angel Network also participated in the round, the startup said in a statement on Monday.Founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, Siply provides "sachet financial services" to contract workers, blue-collar workers, gig economy workers, and small business owners.

“Siply wants to be the preferred financial services brand to the 40 crore Indians who are not yet a part of the formal banking system. We are building a platform that is tailor-made to serve the specific needs of this segment, which has so far been largely overlooked by current financial institutions like banks and mutual fund houses," said Sousthav Chakrabarty, co-founder and chief executive officer, Siply.

"Siply is one of our best performing portfolio companies with phenomenal growth and dynamic founders, we are happy to have led the earlier round and also participate in the further round raised by the company."

"The growth Siply has achieved within 14 months of its launch has been truly outstanding! It just goes to show that a powerful idea for a noble cause, backed by a dream team, has limitless potential," shared deal lead Vishal Jain. 

The startup was founded in mid-2020 by the two co-founders Sousthav Chakrabarty and Anil Bhat, who are seasoned Bankers and Technologists and have built large businesses in the past.