PC: Justdial 

MoneyView, one of the largest consumer lending platforms in India, has reportedly grabbed unicorn status after a successful round of funding from its existing investors Accel India and Nexus Ventures. Moneyview board in a meeting approved the special resolution to issue more than 60 lakh equity shares at an issue price of Rs 64.15 per share, raising Rs 38.64 crore or $4.65 million, according to the RoC filing.

Accel India believed in the growth potential of Moneyview by investing Rs 29 crore, and Nexus Ventures did the same with Rs 19 crore in this funding round. The round in progress may indicate additional capital to the company in the near future, further accelerating its expansion and innovation initiatives.

Moneyview has been valued at Rs 10,086 crore or $1.2 billion post-allotment, a sizeable jump from the previous valuation of $900 million when it raised $75 million led by Tiger Global in December 2022, according to insights from TheKredible.

The fresh buzz around its funding exercises is in sync with reports last July that said it was planning to raise $50-60 million in a fresh round along with $30 million as debt from private placements. Further, this strategic approach points towards how Moneyview is keen on strengthening its books and tapping growth opportunities in the consumer lending space.

Incorporated a decade ago, Moneyview offers a wide array of financial products and services that range from personal and home loans to credit cards, credit scoring, motor insurance, and loans against property. The company operates through its own NBFC called Whizdm Finance through which it has already disbursed loans worth Rs 12,000 crore, making a presence in the loan book space.

On the financials, Moneyview has demonstrated massive growth in topline with revenue from operations rising 2.6 times to Rs 577 crore in FY23, while profits jumped 27 times to Rs 163 crore during the same fiscal. According to the internal documents accessed by Entrackr, Moneyview’s profit before tax soared to Rs 175 crore in FY24, indicating strong bottom line performance and good management.

Accel emerged as the biggest external stakeholder in Moneyview, with a 22.28% stake, followed by Tiger Global, with a holding of 12% post-Series E round. This is further reflecting the trend of startups turning unicorns in India. Moneyview has joined six other companies from Bengaluru that reached unicorn club status this year, such as Krutrim, Perfios, Porter, Rapdio, and Ather.

With MoneyView further continuing its growth trajectory and consolidating its position among the key players in the consumer lending segment, strategic partnerships, innovative offerings, and robust financial performance will only spur its success and impact within the fintech ecosystem.