Consumer lending platform Moneyview has become a unicorn with a new funding round led by its current investors, Accel India and Nexus Ventures. As per media reports, the board of Moneyview has approved a special resolution to issue 60,23,382 equity shares at an issue price of Rs 64.15 apiece to raise Rs 38.64 crore, or roughly USD 4.65 million.
Nexus Ventures contributed Rs 19 crore, and Accel India contributed Rs 29 crore. Media reported that looks like the round is continuing on, and the company will probably raise more money in the upcoming months. Moneyview has been valued at around Rs 10,086 crore or USD 1.2 billion (post-allotment). Moneyview was valued at USD900 million when it raked in USD 75 million led by Tiger Global in December 2022.
Moneyview revealed on Thursday that it has acquired Jify.co. Through this calculated purchase, Moneyview's extensive array of financial services will be strengthened, and Jify will be able to expand its clientele to include more workers and businesses.
Moneyview, which has been around for ten years, specializes in personal and house loans, credit cards, credit score, auto insurance, and loans secured by real estate. In addition, the company offers credit through Whizdm Finance, its own NBFC, and reports having disbursed loans of Rs 12,000 crore.
Moneyview's operating income increased by 2.6 times to Rs 577 crore in FY23, while its profit increased by 27 times to Rs 163 crore in the same fiscal year. As of the Series E round, Accel held the greatest percentage of external stakes in Moneyview, accounting for 22.28 per cent, followed by Tiger Global with 12 per cent.
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