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India’s indigenous youth-focused neobank, muvin has raised USD 3 million in a pre-Series A round led by WaterBridge Ventures, in participation from Alteria Capital and Krishna Bhupal (Co-Founder, Rational Pricing Technologies), and board member of GVK Power & Infra.
Spearheaded by Co-Founders Vineet Gupta and Mukund Rao, muvin caters to both teens and young adults through its Rupay powered prepaid card and its mobile app.
Speaking on the fundraise, Mukund Rao, Co-Founder of muvin said, “We are very excited to have attracted such high caliber investors to muvin. Not only is this a vote of confidence in our vision from some of the most highly regarded industry veterans and business minds, but it also demonstrates sustained validation of this massively underserved market”.
“We are looking forward to growing our team and enhancing our tech product to address our customers’ needs and will be ramping up our marketing initiatives to onboard users pan-India over the next 18 months. We will be introducing several features on our card and mobile app over the next two-three quarters that will substantially upgrade our users’ experience. We are very bullish about our growth and with this funding, the journey ahead looks very exciting as we work towards growing into India’s leading youth-focused neobank”, Rao added.
Commenting on the investment in muvin, Ashish Jain, Partner, WaterBridge Ventures said, “Teens and young adults are a key customer segment in India. They are already independent decision-makers within a family around what brands to buy concerning food, fashion, gadgets, travel, and many more categories. At a time when payments are increasingly getting digital, they need not be dependent on cash or their parent’s debit cards or UPI wallets to pay for these transactions. muvin provides them this freedom and empowers these young consumers to complete the transactions securely and digitally.”
Speaking on the investment, Vinod Murali, Managing Partner, Alteria Capital added, “We are very excited to support Mukund and Vineet in their journey as they improve financial literacy as well as democratize transactions for India’s youth. The initial engagement for the product has been promising and we feel this is a very large market that has not been tapped yet. Young India has significant aspirations including financial independence and muvin helps them in achieving these goals.
Earlier in April 2021, muvin had raised a seed round of over $1 million. With the closure of the latest funding round, WaterBridge Ventures, Alteria Capital, and Krishna Bhupal join existing stakeholders Krishnakumar Natarajan (Managing Partner, Mela Ventures ), Ambar Maheshwari (CEO, IndiaBulls Asset Management), Gani Subramaniam (Partner, WRVI), Shajikumar Devakar (Executive Director, IIFL Asset Management Limited ), Kunal Shah, Sandeep Jethwani, and other prolific angel investors from the financial services industry.