Indian neobank epiFi secures $13.2m in seed funding to bankroll product launch

Indian digital banking startup epiFi has raised US$13.2 million in seed funding in a round led by a group of investment firms, including Sequoia Capital, Ribbit Capital, and Hillhouse Capital.

EpiFi CEO and co-founder Sujith Narayanan / Photo credit: Epifi

This brings the value of the Bengaluru-based company, which is currently in a pre-launch state, to roughly US$50 million, The Economic Times reported.

Founded in 2019 by former Google Pay execs Sujith Narayanan and Sumit Gwalani, epiFi looks to provide neo-banking solutions focused on young millennial workers. The company plans to launch its product, which will include savings account and debit card services, within the next few months, Narayanan told ET.

“Fundamentally, we will be using the capital to further build out our technology stack, bring on board a crack team of people, as well as toward early marketing and consumer adoption,” the exec added.

According to the report, epiFi currently has about 20 people on board its team, most of whom were poached from global tech names such as Google, PayPal, and Netflix.

EpiFi’s seed round follows several investments by key VC firms in India-based neobanks. Late last year, Bengaluru-based Amica Financial Technologies raised US$24 million in a round backed by institutional investors such as Greyhound Capital, Rocket Internet, and Sequoia Capital.

Open, another fintech startup based in Bengaluru, raised US$30 million in a round led by US-based Tiger Global Management. The funding came just months after the company bagged US$5 million in series A money from Beenext, Speedinvest, and 3one4 Capital, among others.