The remittance app, which was rotated by the Internet in 2023, raised $ 14 million in the first external funding to reach more foreign residents in the United States.
As Indian Diaspora spreads all over the world, the remittance flow in India is increasing. According to the World Bank Report, in 2024, South Asia’s country recorded $ 129.1 billion in remittances, accounting for 14.3%of the global market and toll toll. ABOUND aims to use this growth as a mobile app.
“Indians are one of the largest immigrants in the United States, and the average household income in the United States is nearly $ 58,000, and the average Indian household income is about $ 150,000, which is rich and rich in foreign residents abroad, but it is greatly denied in terms of products and services prepared for them.
Mehta, who has worked as a mobile strategy and growth manager for more than four years in Hulu, met with the Vice Chairman of Satan Gajwani in 2019 and founded the “Super App” for non -resident Indians and joined Times Internet. Startups were incubated in the technical group of Indian Media Conglomera, the Times of India group.
At first, Times Club and Abound allows users to send money to India, get rewarded, and receive cash backs for services, including live sports streaming, grocery shopping and OTT subscriptions. The company plans to explore the means so that users can access high -profit savings, Indian -based investment and inter -border credit solutions.
Mehta said in Techcrunch, “As a super app, the bank itself is part of the platform in our model.
The company claimed that more than $ 150 million in transactions from more than 500,000 traders per month, and increased by 50% per month since its launch.
MEHTA said that the remittance of ABOUND has increased by 15% per month, and startups have dealt with $ 110 million to $ 120 million over the past 12 months.
We generate advertising revenue from compensation for money remittance and foreign exchange spreads. MEHTA said foreign exchange offers significant growth potential. Startup said TIMES of India, an online visit to India other than India, helps new users and helps to provide a variety of rewards.
Mehta said, “We always take over the user if we play a purely exchange rate game in the money remittance.” In our case, we have no problem because we have received this compensation class from Times of India and other local advertisers. We know that the cost of securing customers is not the same, so we can always compete for the exchange rate. ”
This seed round was all the principles and led by the nearby foundation with the participation of Circle Ventures, Times Internet and other investors. The company plans to use new cash to expand its existence, increase its products, and improve the technology infrastructure.
Gajwani said, “Traditional banks in the United States do not focus on the financial requirements of this sector because there are no banks for the NRI population.
After trading, Times Internet will continue to be the largest stakeholder. Gajwani said on TechCrunch that the Internet will help to accelerate abundant growth using strategic assets.
The platform market, which enables foreign remittances, is crowded with new players such as Remitly and Wise, as well as employees like Western Union, PayPal and Moneygram. However, MEHTA believes that users have an advantage in “super service” by providing compensation and cashbacks in about 5,000 Indian groceries and providing access to live streaming crickets, as well as competitive exchange rates as well as competitive exchange rates.
ABOUND currently has a team of 40 people in India. It plans to expand the number of heads and establish management in the United States.
In time, the company plans to enter markets such as Canada, Singapore and the UAE, and all have a big population of non -resident Indians. Nevertheless, Mehta said that the immediate focus is to strengthen the foothold in the United States and operate a pilot in the foreign market.
