Fello, a Bengaluru-based gamified savings platform, has raised $4 million in a new round of funding led by Courtside Ventures, with participation from Entrepreneur First, Y Combinator, Kube Venture, and Upsparks.
Angel investors in the round included Kunal Shah (Founder, CRED), Lalit Keshre (Co-founder, Groww), Charlie Songhurst, Dafeng, and Alan Rutledge.
According to the startup, the funds raised will be used to create unique gamified financial products, hire talent, and expand its user base in India’s Tier I and II cities.
Fello, founded in 2021 by Manish Maryada and Shourya Lala, incentivizes users to save and grow their money through gaming, with returns higher than traditional savings accounts.
“At the moment, we have over 500,000 users, with 72% of customers coming to the platform organically through referrals,” said Manish Maryada, Co-founder and CEO of Fello. “With our accelerated growth and expansion, we are confident that we will be able to reach our target of five million users by December 2023.”
“There is a tremendous market opportunity to bridge the gap in financial literacy and investing in a fun and gamified experience,” said Kai Bond, Partner at Courtside Ventures, of the investment. We are extremely optimistic about the massive opportunity in India at the intersection of gaming and financial services.
