Bengaluru: Bengaluru-based micro-savings platform, Siply, has 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.
“With these funds, we shall further the reach of Siply to over 400 towns and strengthen our team & tech,” cofounder and CEO of Siply, Sousthav Chakrabarty said.
Siply said it plans to raise Series A, and in the next 12 months, reach a user base of one crore users and process three crore transactions with overall savings of Rs 600 crore and disburse over Rs 500 crores in loans through its micro-credit offering.