SUMMARY
- Moneyview has achieved unicorn status with a fresh round of funding from its existing backers, Accel India and Nexus Ventures.
- Accel India has contributed Rs 29 crore, while Nexus Ventures has invested Rs 19 crore.
- Moneyview’s valuation post-allotment has been estimated at around Rs 10,086 crore or $1.2 billion.
Consumer lending platform Moneyview has achieved unicorn status with a fresh round of funding from its existing backers, Accel India and Nexus Ventures.
The company board has approved a unique resolution to issue 60,23,382 equity shares at a price of Rs 64.15 each, aiming to raise approximately $4.65 million (around Rs 38.64 crore) as per regulatory documents obtained from the Registrar of Companies (RoC).
Accel India has contributed Rs 29 crore, while Nexus Ventures has invested Rs 19 crore. This funding round is expected to continue, with the company likely to seek more capital in the near future.
Following the allotment, Moneyview’s valuation has been estimated at around Rs 10,086 crore or $1.2 billion. The company’s valuation reached $900 million after securing $75 million in a funding round led by Tiger Global in December 2022.
In July, it was announced that Moneyview was in the midst of securing $50-60 million for its next funding round. Additionally, the company is close to obtaining $30 million in debt through private placements.
Established in 2010, Moneyview primarily operates in the areas of personal and home loans, credit cards, credit scores, motor insurance, and property loans. The company also offers loans through its own non-banking financial company, Whizdm Finance, boasting a total loan portfolio of Rs 12,000 crore.
The company’s operating revenue has seen a significant growth of 2.6 times to Rs 577 crore in FY23, with its profit increasing 27 times to Rs 163 crore. In FY24, Moneyview reported a profit before tax of Rs 175 crore.
Accel India holds the largest external stake in Moneyview with 22.28%, followed by Tiger Global with 12% as of the Series E round.
Additionally, Moneyview recently announced the acquisition of Jify.co, a platform that allows employees to access their earnings on demand. This strategic move will enhance Moneyview’s suite of financial services and expand Jify’s offerings to a broader network of employees and organizations. Jify raised $10 million in funding from Accel and Nexus Venture Partners in August 2022.
In 2024, six startups, including Moneyview, Krutrim, Perfios, Porter, Rapdio, and Ather, joined the unicorn club, with all of them based in Bengaluru.
