The digital banking startup company, NiYO Solutions has obtained INR 240.2 crore in Series B round from investment companies, comprising Chinese company, Tencent, according to a media report.
Existing investors, Horizons Ventures and JS Capital also took part in the round, NiYO said in its statement, as reported by daily news, VC Circle.
It (the company) will use the funding to offer digital banking solutions to its retail and small- and medium enterprise customer base, NiYo told the daily news.
NiYO, which is administered by Finnew Solutions Pvt. Ltd., proclaims to have a customer base of 1 million and aims to increase it to 5 million in the coming three years.
With recent funding, the total amount, which NiYO has raised so far, has surged to $49 million. In January last year, the company had managed to raise $13.2 million from investors in Series A round. The existing investment company, Prime Venture Partners has also partaken in the round; the VC firm had ploughed in $1 million in the startup company in 2016.
Its aim is to use its financial technology and services to offer comprehensive digital banking solutions to its retail and small- and medium enterprise customer base, NiYO told the daily news, VC Circle.