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Make abundantA money transfer application Times runs on the Internet In 2023, he won $ 14 million in the first foreign financing stage as he aims to reach more Indian foreigners in the United States
India is rising to transfer money to India because the diaspora spread around the world. In 2024, the South Asian country celebrated $ 129.1 billion in money transfersAccording to the World Bank, the world market, according to the world market, over 14.3% of the global market and the graphs. Abundant goal to shoot this growth with the mobile application.
“Indians are one of the largest immigrant groups in the United States in the United States and about $ 58,000 in the United States, and the average Indian household income is about $ 150,000.
Mehta, who worked as a mobile strategy in Hulu and in more than four years, in 2019, in 2019, the “Super Application” for non-resident Indians met with Gjjwani in 2019. Starting Indian group, incubated in the Indian group to technical arm.
Initially, Times Club allows users to receive cashbacks to India, sending money to India, winning award and live sports, food shopping and OTT subscribers. The company plans to investigate the forecasts for users to obtain high-income deposits, India-oriented investments and borderless credit solutions.
“As a super application in our model, we are preparing a role in the banks to be part of the platform,” he said.
The company claims that more than 500,000 operatives of this operating more than $ 150 million and 50% have increased since the beginning of its income.
Mehta said that there are many money transfer, and 15% per month, and $ 110 million in the past 12 months was processed for $ 110 million to $ 120 million.
The void comes from the reward and the spread of the foreign exchange on the spread of money transfers. Foreign currency has a significant potential for Mehta’s liking. The beginning, India’s more than 50 million online visitors outside India, new users have helped new users and offer a number of rewards.
“If you play money transfers, you are always playing an exchange rate, you always get the user,” he said. “In our situation, because we have this award to India and other local ads, we do not have this problem. We can not compete in knowledge that the same customer can be available.”
The round of these seeds was capitalized and headed near the foundation with the participation of central enterprises, Times Internet and other investors. The company plans to use fresh cash to expand its existence, increase its victims and develop technological infrastructure.
“Traditional banks in the United States do not pay attention to the financial requirements of this segment, because there is no bank product built for the population. We see it as a great gap and opportunity.”
After the deal, Times Internet will continue to be the largest interesting party. Gajwani told Techcrunch that the Internet “To use strategic assets to increase growth.”
The platforms market, which provide external money transfers, is full of new players like Western Union, PayPal and Moneygram as well as new players as well as new players. However, there is an edge like Mehta, competitive exchange rates, as well as “Super Service” users in India, which are premiums and CashBack in Cashback, as well as in Cashback.
Currently, there are currently a team of 40 people located in India. Plans to expand their headings and build an executive group in the United States.
Over time, the company plans to enter markets such as Singapore and UAE, which has a large population of all non-resident Indians. Nevertheless, Mehta said close attention was to cement the foot in the United States and then operate pilots in foreign markets.
