Siply, an AI-driven ‘sachet financial services’ platform for underserved Indians which currently offers micro-savings, micro-credit, micro-investment and other value added services, today announced that it has raised USD one million in seed funding from investors like Jain International Trade Organisation (JITO) Angel Network and Inflection Point Ventures (IPV), along with a group of CXOs from India and UAE-based angel investors. With this infusion of funds, Siply will accelerate its technology platform integration with ecosystem players, expand the team and onboard distribution partners.
A Bengaluru-based startup, Siply was founded in July 2020 by Sousthav Chakrabarty and Anil Bhat, both seasoned professionals of the Banking, Finance and Technology sectors, with prior experience of entrepreneurship. It was started with the vision of creating a more financially inclusive India where Siply helps underserved masses inculcate a savings behaviour to build a more productive and financially secure country. It is doing this through a technology-enabled micro-savings platform where the investment can, for the first time in India, be as low as Re.1. The platform offers unprecedented flexibility and ease of use to its users, who are mostly of limited financial means, and is available in multiple local languages.
“Siply wants to be the preferred financial services brand to the 40 crore Indians who are not yet a part of the formal banking system. We are building a platform that is tailor-made to serve the specific needs of this segment, which has so far been largely overlooked by current financial institutions like banks and mutual fund houses. The level of flexibility and convenience we are offering, coupled with advanced technology and the sector expertise that we possess, will help us create a unique bouquet of financial services for the masses of India. This funding helps us move another step forward in that direction,” said Sousthav Chakrabarty, Co-Founder and CEO, Siply, speaking about the development.
Within the short span of its existence, Siply has had its innovative business model of providing ‘sachet financial services’ validated by its target customer base comprising contract workers, blue-collar workers, gig economy workers and small business owners; it had 10,000 users by end of year 2020 in the pilot phase itself. Business worth INR 2 crore has already been carried out on the prototype product, and the number of transactions has crossed 10,000. Digital Gold and Emergency Funds are currently available as savings and investment instruments on the Siply platform and have seen significant repeat transactions by users. Other financial instruments are in the pipeline and will be launched soon.
Commenting on the funding, Ashok Shah, Vtrans, JITO Angel Network , Lead Investor, said, “Siply is a must have for all blue collar workers. In today’s scenario where very often expenses outweigh savings, Siply is a platform which helps people easily make investments in Gold (digital) and many other products that Siply has to offer, in a way that fits their budget and gives them flexibility of usage. We at JITO Angel Network are proud to be part of Siply and are very confident that Sousthav will lead the company to great heights.”