Consumer lending platform Moneyview has reached the unicorn status after securing substantial investment from its existing investors, Accel India and Nexus Ventures. This new round of funding has valued the company at around ₹10,086 crore or $1.2 billion (post-allotment).
As per regulatory filings, Moneyview has issued 60,23,382 equity shares at an issue price of ₹64.15 each, raising approximately ₹38.64 crore ($4.65 million) in the ongoing funding round. Accel India has invested ₹29 crore, while Nexus Ventures has pumped in ₹19 crore.
Notably, this is not the only recent development at Moneyview. Earlier this week, the company announced the acquisition of Jify.co, a platform that enables employees to access their earnings on demand. This strategic move is expected to strengthen Moneyview’s comprehensive suite of financial services.
Moneyview, a ten-year-old firm, deals in various financial services such as personal and home loans, credit cards, credit score, motor insurance, and loans against property. The company also provides credit through its own Non-Banking Financial Company (NBFC), Whizdm Finance. In the fiscal year 2023, Moneyview’s revenue from operations grew 2.6 times to ₹577 crore, while its profit mounted 27 times to ₹163 crore.
This acquisition is a testament to Moneyview’s commitment to expanding its services and capabilities. The company’s profit before tax stood at ₹175 crore in the current fiscal year. As of the Series E round, Accel was the largest external stakeholder in Moneyview with 22.28% stake, followed by Tiger Global with 12%.
Moneyview joins the list of Bengaluru-based startups that have achieved unicorn status in 2024, including Krutrim, Perfios, Porter, Rapdio, and Ather.