AboundAn application of remittances expelled by Times Internet in 2023 has raised $ 14 million in the first external funding round as it aims to achieve more Indian expatriates in the US
Configuration flows in India increase as Indian dispersion is spreading worldwide. In 2024, the country of southern Asia 129.1 billion $ in remittancesRepresenting the 14.3% share of the world market and the top of the charts, according to a World Bank report. Abound aims to use this growth with mobile app.
“Indians are one of the largest groups of immigrants in the US, the average household income in the US is close to $ 58,000 and the average Indian household income is about $ 150,000.
Mehta, who worked in Hulu as head of mobile strategy and development for more than four years, participated in the Internet Times in 2019 after meeting with Satyan Gajwani vice president to create a “super application” for non -residents of Indians. The start was incurred into the technological arm of the Indian Media Group, The Times of India Group.
Initially named Times Club, Abound allows users to send money to India, earn rewards and return cash to services such as live sports flows, grocery shopping and OTT subscriptions. The business plans to explore the roads to allow users to access high performance savings, investment with India, and cross -border credit solutions.
“In our model as a super app. We envision a role for the banks themselves to be part of the platform,” Mehta told TechCrunch.
The company claims to have processed more than $ 150 million in levels of more than 500,000 monthly users and that its revenue has increased by 50% per month since the start.
Abound’s remittance volume has increased by 15% each month and the start processed $ 110 million to $ 120 million in the last 12 months, Mehta said.
Abound generates revenue from rewards ads and foreign foreign exchange that spreads to money remittances. Foreign foreign exchange has significant growth potential, Mehta said. The start said the Times of India’s over 50 million monthly monthly visitors outside of India also help to reach new users and offer a series of rewards.
“In money remittances, if you are clearly playing the exchange rate game, then you always get the user,” Mehta said. “In our case, because we have this layer of rewards from India and other local advertisers, we do not have this problem. We can always compete with foreign exchange rates, knowing that we do not have the same cost of customer acquisition that other companies may have.”
This seed tour was all-equity and was led by the Near Foundation, with the participation of Circle Ventures, Times Internet and other investors. The company plans to use the new cash to expand its presence, increase its bids and improve its technological infrastructure.
“Traditional banks in the US do not focus on the financial requirements of this department because there is no banking product built for the NRI population only. We see that as a large gap and opportunity,” Gajwani said.
Following the deal, Times Internet will continue to be the largest stakeholder in abundance. Gajwani told TechCrunch that the Internet Times would be “using its strategic assets to help accelerate Abound growth”.
The platforms that allow foreign remittances are full of established bodies such as Western Union, Paypal and Moneygram, as well as younger players such as Remitly and Wise. But Mehta believes that Abound has an advantage as it “super survives” users by offering competitive exchange rates as well as rewards and cash in about 5,000 Indian grocery stores and access to live cricket – far the most popular sport in India.
Abound today has a group of 40 people, mainly based on India. She plans to expand her staff and create an executive team in the US as well.
Over time, the company plans to enter markets such as Canada, Singapore and the UAE, which all have large populations of non -inhabitants of Indians. However, Mehta said that the immediate focus is to consolidate its base in the US and then run pilots in foreign markets.
