Tech-enabled micro-savings application Siply, founded in July 2020 by Sousthav Chakrabarty, Anil Bhat, and Nitin Mittal has raised US$ 1 million in a seed round led by Inflection Point Ventures.
The funds raised will be utilised for team expansion, scaling up technology platform and conducting initial pilots with the partners.
Ankur Mittal, Co-Founder, IPV says, “Being a sector-agnostic platform, we have the ability to find high potential startups and fund their idea. Siply’s approach of enabling the under-banked population to start saving is a disruptive idea as many fin-tech companies are still not looking at the bottom of the pyramid quite actively. Their platform also has vernacular support, thus making it easier for the non-English speaking population to come under the technology umbrella and start their savings and keep a track of the same. The market they are addressing is largely untapped providing them an opportunity to grow faster and capitalise on their early mover advantage. To help them achieve this ambition, we decided to fund the company.”
Siply is working on enabling micro-savings for users of other platforms through a platform-as-a-service model. Siply has signed MOUs with Bighaat, Gig4CE, Pickmywork, and Xoxoday, and is in talks with other large institutional partners as well.
Sousthav Chakrabarty, Founder & CEO, Siply says, “Since IPV and its members mainly comprise of CXOs and business wowners, we hope to leverage this network to drive the adoption of Siply’s micro savings proposition in the companies where IPV members are decision-makers. This should expedite our user acquisition plans.”
