The fintech startup RemitGuru is in top talks to raise around $50 million about rupees 350 crore from existing and some of the top new investors including Paytm and Infibeam Avenues, Pentathlon Ventures, and investor Ashish Kacholia, and two people with direct knowledge of the matter said.
The firm is currently in the digital remittance space which had seen an early investment by some of the top companies and investors a few years back. Pentathlon and Kacholia will be the first ones to invest.
It has experienced tremendous growth during the covid-19 Global pandemic and is raising money to fund its expansion and growth all across the nation and more.
Was founded in 2012 by Naushad Contractor, and incubated at Infibeam Avenues, and the BSE-listed fintech company. Not only this, Muthoot Group and ICICI Bank too had picked up their minority stakes in 2018. There’s no definite news that whether they would be participating in the current finding series or not.
The company stated- “The fundraise is essentially focussed on a handful of investors and is spearheaded by Paytm, Infibeam and Kacholia”.
Sources suggest that this move came up at the time when one of the investors Infibeam is already planning to make a move to play in India’s digital infrastructure. One of the spokespeople said- “All the existing investors were offered to participate in the funding round. We have chosen not to participate due to some regulatory issues”.
The company allows money transfers or remittances between nations for both corporate and retail customers. And makes it a seamless transaction irrespective of any distance. It also offers a white label facility to Banks for offering money and remittance facilities to customers all across the world.