Siply raises $1 million seed funding round

Bengaluru: Micro-savings platform Siply, operated by Siply Services Pvt Ltd, has raised $1 million (around Rs 7.33 crore) in a seed fundraising exercise.

The round in Bengaluru-based Siply has been led by Inflection Point (IP) Ventures, one of the more active domestic early-stage investment platforms in the country.

Siply was set up in July last year by Sousthav Chakrabarty, Anil Bhat, and Nitin Mittal. The company says it operates a platform-as-a-service model that enables micro-savings for users of other platforms.

It has so far signed memorandums of understanding with companies including BigHaat, Gig4CE, Pickmywork, and Xoxoday.

The financial technology company will use the capital it has raised for expanding its team, enhancing technological infrastructure, and conducting pilots with partners.

“The market they [Siply] are addressing is largely untapped providing them an opportunity to grow faster and capitalize on their early-mover advantage,” IP Ventures co-founder Ankur Mittal said.