Siply operates a micro-savings app that offers individual savings products, including smallcase investing, and partners with corporates to provide micro-loans to employees. The company was founded in 2020 by Sousthav Chakrabarty and Anil Bhat and targets the large underserved Indian saver segment. Since its last fundraise in October, Siply says user accounts have grown to over 6 million. It reported a revenue run rate of $1 million and projects this to grow to $12 million by March 2023. Siply plans to use new funding to drive triple-digit ARPU, offer solutions for specific savings instruments, and become operationally cash-flow positive by the coming year. The company also intends to pursue acquisitions in the savings/fintech space. Siply is a Bengaluru-based fintech micro-savings app that offers frictionless savings via a vernacular approach, digital onboarding, instant withdrawals and a range of investment options. The product also includes a micro-credit lending offering that the company launched recently. Siply says it targets Bharat’s underserved population and claims to cater to 40 crore people. The startup reports rapid traction: in 14 months it reached over 15 lakh users who processed 20 lakh transactions totaling Rs 150+ crore in savings, and its lending product grew to Rs 30 crore in disbursals with 100% repayment. Siply has 37+ large partnerships and is a YCC 2020 Future Stars Startup Competition winner. The company plans to expand to 400+ towns, strengthen team and tech, raise a Series A, and in the next 12 months target one crore users, three crore transactions, Rs 600 crore in savings and over Rs 500 crore in loans disbursed. Siply, operated by Siply Services Pvt Ltd, is a platform-as-a-service that enables micro-savings for users of other platforms. The company was set up in July last year by Sousthav Chakrabarty, Anil Bhat, and Nitin Mittal and is based in Bengaluru. Siply has signed memorandums of understanding with partners including BigHaat, Gig4CE, Pickmywork, and Xoxoday. It raised $1 million in a seed round led by Inflection Point (IP) Ventures. Siply plans to use the capital to expand its team, enhance technological infrastructure, and run pilots with partners. IP Ventures co-founder Ankur Mittal said the market Siply is addressing is largely untapped, giving the company an early-mover opportunity to grow faster.

Total raised

$23M

Funding rounds

4

Latest round

Series A

Latest activity

Jun 2022