Total amount raised
$18.5 Million
Latest funding date
04/01/2020
Location
Setu has successfully raised funding over three rounds, with the latest being a Series A round. The company is backed by five investors, including Lightspeed Venture Partners and Bharat Inclusion Seed Fund.
Keep reading to explore the intricacies of Setu's fundraising journey and the investors backing this innovative platform.
What Is Setu?
Setu is a fintech company based in Bengaluru, Karnataka, India, operating in the financial services and software industries. The company has a mission to accelerate economic growth by making formal finance accessible to all.
Founded by BrokenTusk Technologies Pvt. Ltd, Setu has an employee count ranging from 101 to 250. The company offers a full-stack platform for financial services, including customer onboarding, payment processing, and financial data access. Setu's products are designed to enhance digital lending, personal finance, insurance, and banking partnerships.
How Much Funding Has Setu Raised?
- Seed Round (2018-01-01)
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial growth and development of Setu, enabling the startup to build its foundational technology and start rolling out its services.
- Seed Round (2019-04-11)
- Amount Raised: USD 3,500,000
- Date: April 2019
- Lead Investors: Lightspeed India Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their technology and expand their market reach.
- Series A Round (2020-04-15)
- Amount Raised: USD 15,000,000
- Date: April 2020
- Lead Investors: Alpha Wave Global, Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Setu's vision of building infrastructure that enables large-scale distribution and access to financial products, expand their API offerings, and enhance their developer certification program.
Total Amount Raised: USD 18,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- Alpha Wave Global
- Details: Alpha Wave Global is a global alternative asset manager that invests in public and private markets. They focus on high-growth companies across various sectors.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: Ola, Delivery Hero, PolicyBazaar.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that focuses on early-stage investments in the enterprise technology, consumer, and health sectors. They have a global presence and invest in innovative startups.
- Investment Focus Areas: Enterprise technology, consumer, health.
- Notable Investments: Snapchat, Nest, GrubHub.
- Lightspeed India Partners
- Details: Lightspeed India Partners is the Indian arm of Lightspeed Venture Partners. They focus on early and growth-stage investments in technology and innovation-driven companies in India.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: OYO Rooms, Udaan, Byju's.
- Falcon Edge
- Details: Falcon Edge is a global alternative asset manager that invests in public and private markets. They focus on high-growth companies across various sectors.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: Ola, Delivery Hero, PolicyBazaar.
- Bharat Inclusion Seed Fund
- Details: Bharat Inclusion Seed Fund is an early-stage venture fund that focuses on startups building inclusive solutions for the underserved population in India. They invest in sectors like financial inclusion, education, and healthcare.
- Investment Focus Areas: Financial inclusion, education, healthcare.
- Notable Investments: Kaleidofin, GramCover, Dvara E-Dairy.
What's Next for Setu?
Setu stands at the cusp of a significant opportunity to revolutionize financial services in India. By connecting small businesses with financial institutions through their robust API infrastructure, Setu can digitize financial services for millions of underserved businesses. This potential is amplified by the rapid growth of India's mobile payments market and the increasing demand for accessible financial products.
As Setu continues to roll out new products and expand its technology infrastructure, future fundraising opportunities are likely to arise. The company has already garnered substantial interest from venture capital firms, and further rounds of funding could support their ambitious growth plans. However, challenges such as navigating regulatory environments and ensuring widespread adoption of their APIs remain.
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