Total amount raised
$400 Thousands
Latest funding date
01/01/2023
Location
Digio has successfully raised funds through multiple rounds, with notable investors including Groww and Rainmatter Capital. The platform offers a range of digital solutions aimed at streamlining business processes, such as identity verification, document management, and digital signing.
Keep reading to explore the intricacies of Digio's fundraising journey and the investors backing this innovative platform.
What Is Digio?
Digio, founded in 2016 by Abhinav Parashar and Sanket Nayak, is headquartered in Bangalore, Karnataka, India. The company operates in the fintech industry, offering a suite of enterprise APIs designed to facilitate paperless processes and seamless customer onboarding.
With a small team of 11-50 employees, Digio provides solutions for digital KYC, document management, digital signing, recurring payment automation, and intelligent screening. Their mission is to bring paperless, presence-less, hassle-free documentation and digital processes to businesses and consumers.
How Much Funding Has Digio Raised?
- Seed Round
- Amount Raised: $400,000
- Date: August 2016
- Lead Investors: Rainmatter Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To hire professionals for product development, expand the team, and increase product offerings.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: January 2023
- Lead Investors: Groww
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding digital documentation and e-signature services, enhancing technology, and scaling operations.
Total Amount Raised: $400,000
Current Valuation: Not publicly disclosed
Key Investors
- Groww
- Details: Groww is an investment platform that allows users to invest in mutual funds and stocks. It is known for its user-friendly interface and educational resources for investors.
- Investment Focus Areas: Mutual funds, stocks, ETFs
- Notable Investments: Not publicly disclosed
- Rainmatter Capital
- Details: Rainmatter Capital is a venture capital firm that focuses on funding startups in the fintech sector. It is an initiative by Zerodha, a leading stock brokerage firm in India.
- Investment Focus Areas: Fintech, technology, startups
- Notable Investments: Not publicly disclosed
What's Next for Digio?
Digio stands at the cusp of significant growth, driven by the increasing demand for digital documentation and verification solutions. The company aims to expand its product offerings, including software for consumer verification processes, which could save industries like banking and telecom substantial costs. With plans to onboard 100 companies within a year, the potential for growth is immense.
Future fundraising opportunities seem promising as Digio continues to innovate and expand its market reach. The need for additional funding to support product development and team expansion is likely. However, challenges such as ensuring the security and legality of digital signatures and competing with other solutions in the market could pose hurdles. Despite these challenges, Digio's strategic focus on leveraging Aadhaar-based solutions positions it well for future success.
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