Times Internet spinout Abound raises $14M to let more Indian Americans send money home

Here’s a structured summary based on the information provided:

Startup Details

• Startup Name: Abound
• Founded By: Nishkaam Mehta (CEO), with involvement from Satyan Gajwani (Vice Chairman of Times Internet)
• Spun Off From: Times Internet in 2023

Funding Information

• Total Amount Raised: $14 million
• Funding Round: Seed round (all-equity)
• Date of Funding: 2023
• Investors:
  • NEAR Foundation (Lead Investor)
  • Circle Ventures
  • Times Internet
  • Other investors

Business Overview

• Description: A remittance app catering to Indian expatriates in the U.S., allowing money transfers to India along with rewards and cashback on various services.
• User Base: Over 500,000 monthly transacting users
• Remittance Processed (Past 12 Months): $110 million to $120 million
• Monthly Revenue Growth: 50% since launch

Market Insights

• Target Market: Indian expats with higher average household incomes compared to U.S. averages.
• Competitive Landscape: Competes with Western Union, PayPal, MoneyGram, Remitly, and Wise.

Future Plans

• Expansion Goals:
  • Increase offerings and tech infrastructure
  • Expand into Canada, Singapore, and UAE

Additional Details

• Unique Selling Proposition: Combining competitive exchange rates with a rewards system to engage users.
• Team Size: 40 people, primarily based in India, with plans for expansion in the U.S.

This concise representation provides a clear picture of Abound, its funding, and business strategy.

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2025-03-27 11:30:00