ompany
Fello YC (W22)
Founders
CEO, Manish Maryada
CTO, Shourya Lala
Fello Secured a Whopping $4 Million in Latest Funding Round
Bengaluru-based gamified savings platform Fello has raised $4 million in its latest funding round led by Courtside Ventures.
Investors Join the Fello Party
The round also saw participation from notable investors including Entrepreneur First, Y Combinator, Kube Venture, Upsparks, and Goodwater Capital as well as angel investors Kunal Shah and Lalit Keshre. Joining them in support of the startup were Acequia Capital and independent investors Ashneer Grover and Bala Parthasarathy.
Fello's Plans for the Money
The startup plans to use the funds to develop unique gamified financial products, hire top talent, and expand its user base in Tier I and II cities in India.
What is Fello and How Does it Work?
Fello, which was founded in 2021 by Manish Maryada and Shourya Lala, and uses gamification to encourage users to save and grow their money, offering returns higher than traditional savings accounts.
Fello's Rapid Growth
The startup already secured $1 million in seed funding in November 2021 and currently boasts over 500,000 users, with 72% of customers coming to the platform through referrals.
Fello's Bold Goal
The company is aiming to reach a target of 5 million users by December 2023.
The Massive Indian Market
India has a large potential market for Fello, with nearly 846 million internet users and 433 million people playing mobile games. The majority of these users are between the age of 18-30, and are not actively saving and investing.
A Unique Opportunity
There is a big opportunity for a fun and gamified financial services platform like Fello in India as it bridges the gap in financial literacy, where investors are interested in playing games and want to invest.
