Automated savings and investment platform Piggy Bank announces raising 10 crore in a pre-seed round led by Better Capital and Stellaris Ventures Partners.
The round also saw participation from several angel investors like Vimal Kumar and Sheetal Lalwani (co-founder of Juspay), Shaan MS (Chief Development Officer, Juspay), Ramanathan RV (co-founder at Hyperface), Maya Kunath (Legal Head) Went. , Hyperface), Nitin Gupta (Founder and CEO of Unicards) and Prasanna Shankar (Co-Founder at Rippling).
The company plans to use the new funds to expand its reach and use it for product and marketing.
Founded in 2022 by former JusPay executives Manthan Shah and Dilip Jain and Naimisha Rao, the startup launched the official version of the app in May 2022 and has registered over 9,000 users making over 1,000 transactions per day.
The company is now targeting to achieve one lakh Monthly Active Users (MAU) and one million Gross Transaction Value (GTV) in the coming few months.
Commenting on the announcement, the co-founders said in a joint statement, “India is a country of savers, but yet in 2020 also we save like in the 1980s. The way most of India’s savings are very manual and unstructured, they continue to invest all their money in non-inflationary instruments, which give less than 5% returns.”
Created by the makers of BHIM, the company has partnered with Paytm for secure payment processing and Augmont for digital gold investments.
“Piggy bank helps millions of users automate their savings and investments in a simple, fast and sustainable manner – something which is a major drawback in India. Vaibhav Domkundwar of Better Capital said, “We are excited to be a founding platform partner with Piggy Bank to make wealth creation easier.
Piggy Bank helps users build wealth by automating micro-savings and auto-investing in digital gold. The app offers two major savings options for its consumers – ‘Recurring Savings Option’ where users can save a fixed amount daily/monthly and ‘Save on Every Expense’ option where the app rounds the user’s daily transactions to the nearest 10 and auto Increases. 24K invests in 99.9% pure gold.