MyMoneyMantra (MMM), a distributor of financial products, has raised Rs 104 crore ($15 million) from Dutch investment company IFSD BV and private equity firm Vaalon Capital for a 30 per cent stake in the firm.
MMM, which sells secured and unsecured loans, credit cards and insurance products, will issue convertible shares and use the proceeds to strengthen its technology, data analytics and expand its reach.
Started by chartered accountant Raj Khosla in 1989, MMM has been growing at 30 per cent in the last five years before the credit crunch. It is profitable firm with a topline of Rs 150 crore and