PE Fund Investments
Cross-border neobanking startup Zolve raises $251-M from Creaegis, HSBC, others
Bengaluru- and Houston, TX (USA)-based cross-border neobanking startup Zolve has raised USD 251 million in a Series B round of equity (USD 51 million) and debt (USD 200 million) led by Creaegis, HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, with participation from existing investors Accel India, Lightspeed Ventures, Sparta Group, Community Investment Management and DST Global.Founded in 2021 by Raghu G, the co-founder of ride-hailing company TaxiForSure, Zolve has about 750,000 users.Zolve plans to expand to Canada, Australia, and the UK. It also plans to launch auto loans, personal loans, and education loans.
Between Feb 2021 and Oct 2023, Zolve had attracted about USD 155 M from Community Investment Management, Accel India, Alkeon Capital, DST Global, Lightspeed Ventures and Tiger Global.For FY24, Zolve had reported about INR 46 Cr in Operating Income and about INR 3 Cr in Net loss.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
