PE Fund Investments
M2P Fintech raises $50-M from Taj Investment Holdings at $800-M valuation
Chennai-based M2P Fintech (formerly Yap) has raised INR 417.5 crore (USD 50 million) at a post-money valuation of around USD 800 million from Taj Investment Holdings. The funds will be used for expansion and to meet working capital needs. M2P would issue Series D preference shares for the amount.Prior to this round, Beenext was M2P’s largest external stakeholder, holding 10.23%, followed by Tiger Global with 9.22%, and Insight Partners with 6.44%. Co-founders Muthukumar Ayyakannu, Prabhu Rangarajan, and Madhusudanan R collectively own 34.03% of the company.M2P Fintech provides API infrastructure that enables businesses to offer their own branded financial services through partnerships with fintech companies. Besides India, the company operates in Nepal, the UAE, Australia, New Zealand, the Philippines, Bahrain, and Egypt.
Between Apr 2020 and Apr 2024, M2P Fintech had raised over USD 113.13 M from 8i Ventures, Beenext, DMI Group, Flourish Ventures, Omidyar Network, Tiger Global, Insight Venture Partners, MUFG Innovation Partners and Anicut Capital.For FY23, M2P Fintech had reported about INR 440.71 Cr in Operating Income and about INR 134.26 Cr in Net loss.
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