US-based Green Visor leads Series A round in India’s fintech startup Get Simpl

US-based venture capital firm Green Visor Capital has led a Series A round of investment in Mumbai-based financial technology startup Get Simpl Technologies Pvt Ltd, maker of the Simpl app.

While the financial details of the deal were not disclosed, other participants in the round included IA Venture Strategies Fund II, Boillot Family Trust, Russell M. Byrne, The Oliver R. Grace, Jr. Millennium Trust, SF Capital Investments and DIA Investments.

This is a follow-on investment from former Visa CEO Joe Sauders’ Green Visor Capital. It had earlier invested an undisclosed amount in the pre-Series A round of Simpl, along with New York-based IA Ventures. Saunders will join the Simpl board following the latest investment.

A person aware of the development told DEALSTREETASIA that one of the pre-conditions for investing in Series A round for Green Visor was the re-incorporation of the company as a Delaware corporation in future.

Get Simpl was co-founded in 2016 by Nitya Sharma and Chaitra Chidanand. The micro-credit platform allows a user to make an online purchase and settle the transaction later on the lines of a credit card. It has partnered with online platforms such as BookMyShow, Faasos, FreshMenu, and Nykaa, among others.

Fintech-focused venture capital firm Green Visor recently revealed that it had raised more than $51 million for its $200 million second fund GVC II. Launched in 2013, the investment firm had closed its maiden fund Green Visor Capital I at $50 million. Other firms in its portfolio include Auditfile.com, Clearserve, Cloud Lending, CreditShop, CrowdStreet, DataFox, and Kash.

ARA Law assisted Green Visor in negotiations and finalisation of deal with Get Simpl. 

Fintech has emerged as one of the most attractive sectors in India for investors. According to a recent report by CB Insights, both investment and deal activity to Indian VC-backed fintech companies surged to a five-quarter high in the quarter ended June 30. The spike was helped by SoftBank’s massive $1.4 billion investment in leading digital payments firm Paytm. Excluding the Paytm deal, Indian VC-backed fintech funding would stand at $98 million over the three-month period, said the report.

Fintech startup Kissht recently raised $2 million from VC firm Endiya Partners and early-stage investor Ventureast. Financial services startup LoanTap Financial Technologies also closed its second funding round at $4 million led by Kae Capital. Prior to that, Lendkingkart, which has raised at least $30 million since it was launched in 2014, had raised a debt of $7.7 million from YES Bank.

Also Read:

Over half of fintech funding globally in Q2 went to Asia, thanks to Softbank-Paytm deal

Fintech co Kissht bags $2m from Endiya Partners

Fintech startup LoanTap raises $4m from Kae Capital, India Quotient, others

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.