Times Internet Spinout is $ 14 million to allow more Indian Americans to send money to the house
The transfer application that was removed by Times Internet in 2023 has raised $ 14 million in the first foreign financing round because it aims to reach more Indian expatriates in the United States
Transfers to India rise with the spread of Indian diaspora all over the world. In 2024, South Asia recorded $ 129.1 billion in transfers, representing a 14.3 % stake in the global market and topped the plans, according to a World Bank report. ABOUND aims to benefit from this growth through its mobile application.
“Indians are among the largest migrant groups in the United States, the average family income in the United States is approximately 58,000 dollars, and that the average Indian family income is about $ 150,000. The Indian expatriates tell you rich, weights, however, they do not greatly carry in terms of products and services that are allocated to them.”
Mihita, who worked in Holo as Chairman of the mobile phone and growth strategy for more than four years, joined the Times of the Internet in 2019 after meeting the Vice Chairman of Satian Gagwani to create a “super application” for non -resident Indians. The start starting at Arm Tech Tech of Indian Media ContiLometer, The Times of India Group.
ABOUND initially allows Times Club for users to send money to India, earn bonuses, restore money on services, including live sports flow, grocery shopping, and OTT subscriptions. The company has plans to explore ways to allow users to reach the provision of high return and investments that focus on India and credit solutions across the border.
“In our model as a super application, we imagine a role for banks themselves to be part of the platform,” Mihata told Techcrunch:
The company claims to have treated more than $ 150 million in total transfers from more than 500,000 users per month, and that its revenues have increased by 50 % months since its launch.
The volume of transfers in ABOUND increased by 15 % per month, and the startup company has treated $ 110 million to $ 120 million in the past 12 months.
Abound generates advertising revenues from rewards and disbursement of foreign currencies spread over cash transfers. Mihata’s foreign exchange editor represents great potential for growth. The startup said that visitors of Times of in India more than 50 million visitors per month outside India also help them reach new users and provide a set of rewards.
“In financial transfers, if you play a purely exchange rate game, you always get the user,” Mihita said. “In our case, given that we have this Times of India and other local advertisers, we don’t face this problem. We can always compete for exchange rates, knowing that we do not have the same cost of customer acquisition that other companies may have.”
The seed round was all the shares, and was led by the near foundation, with the participation of Circle Ventures, Times Internet and other investors. The company plans to use new criticism to expand its presence, increase its offers, and improve its technical infrastructure.
Jagwani said: “Traditional banks in the United States do not focus on the financial requirements of this sector because there is no banking product designed only for NRi residents. We see that the gap and the great opportunity.”
After the deal, Times Internet will continue to be the largest interest owners. Gajwani Techcrunch told Times Internet to be “using its strategic assets to help accelerate Abound”.
The platform market that allows foreign transfers is crowded with job occupants such as Western Union, PayPal and Moneygram, as well as newer players such as Remit and Wise. But Mihata believes that Abound has an advantage because it “offers” by providing competitive exchange rates in addition to rewards and money in about 5,000 Indian groceries stores and access to restricted cricket – to a large extent the most popular sport in India.
ABOUND currently has a team of 40 people, mainly based in India. It plans to expand the number of employees and hold an executive team in the United States as well.
In a timely manner, the company plans to enter markets such as Canada, Singapore and the United Arab Emirates, all of which contain a large number of residents of non -resident Indians. However, Mihat said that the immediate focus is to consolidate its feet in the United States and then run the pilots in foreign markets.