Micro-savings platform Siply gets $3.2 million in pre-Series A round

Bengaluru-based micro-savings platform, Siply, has raised USD 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. Co-founder and CEO of Siply, Sousthav Chakrabarty, said, With these funds, we shall further the reach of Siply to over 400 towns and strengthen our team & tech.

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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. In 14 months, Siply has attained over 15 lakh users who have collectively done 20 lakh transactions amounting to total savings of Rs 150 crore, it was stated.