Early-stage buyers’ platform Mumbai Angels Community has invested an undisclosed quantity in Nemo, a cloud-based neobank for small companies. The freshly infused funds will probably be utilised by the startup to speed up its product improvement, hiring, and buyer acquisition.
A brainchild of IIM Ahmedabad alumni Ashish Deswal and Jeevan Gopisetty, Hyderabad-based Nemo is on a mission to create a first-of-its-kind enterprise by way of its banking platform that goals to simplify the monetary facet of enterprise for India’s micro entrepreneurs and empower them with the fitting instruments, assets, and networks that giant firms have entry to.
“The subsequent decade will probably be a golden interval for neobanks. Whereas person expertise throughout all different sectors similar to e-commerce, logistics, meals supply, schooling, has seen disruptions, the banking sector has been comparatively sluggish in adopting technological developments and continues to observe a standard strategy. We at the moment are witnessing a rising demand from enterprise prospects of banks for a greater banking expertise that’s on par with that of different industries,” mentioned Gopisetty.
Nemo is presently piloting with a small cohort of chosen prospects and plans to scale up over the following 12-18 months.
“MSMEs are the spine of the Indian financial system. However they usually face a number of challenges relating to entry to banking and finance. Because the fintech trade grows exponentially of their choices and footprint, our funding will assist a fast-growing platform similar to Nemo scale and develop to empower the nation’s MSMEs with the required entry to monetary providers,” mentioned Nandini Mansinghka, co-promoter, and CEO of Mumbai Angels Community. The angel investor platform witnessed round 36 exits that included startups like Purplle, Unocoin, Exotel and Mcaffiene final 12 months. The platform is round 50-60 new investments this 12 months.