Micro-savings startup Siply turns profitable

Micro-savings fintech startup, Siply, announced that it has turned profitable in just 2.5 years since its inception. The tech-enabled micro-savings platform recorded a net profit of 2.12 crores in the month of November.

Established with an aim to drive financial inclusion for contract workers, blue-collar workers, gig economy workers, and small business owners, Siply has carved a niche as a micro-savings platform across India. Currently, there are more than 6.3 million registered users on the Siply app, out of which 3.4 million are active users who have made more than 11.6 million transactions amounting to a gross transactional value (GTV) of Rs 629 crores. The company has also dispersed over 2,19,000 microloans worth Rs 207 crores.

The average savings per user on Siply has also nearly doubled to Rs 2,752 in November in comparison to Rs 1421 in May.

Talking to Bizz Buzz, Sousthav Chakrabarty, CEO and co-founder of Siply, said: "Siply has over 60 lakh accounts opened with about 8.5 million transactions; we have also registered a 5200 per cent increment in monthly transacting users. Siply's remarkable success has motivated us to expand our venture across India. We recently raised $19 million as a part of a fresh round of funding led by Qi Ventures."

The Siply app is available in more than 11 languages and provides innovative services like Micro Credit, Siply Gold Savings Scheme, Siply Gold Jewellery Scheme, Chottastock and more. Siply has turned gold into a micro-savings instrument and has witnessed strong demand for high-denomination savings products such as Siply's Gold Savings Scheme and Gold Jewellery Scheme, receiving consistent signups.

The company has also observed a 66X growth in ARPU in the last 6 months. The company's average revenue per user stood at INR 488.55 versus Rs 7.35 in May 2022. Siply operates on the phygital model and currently has five pilot Seva Kendras across Bangalore, Mysore, and Belgaum. Overall, Siply will launch a total of 1,000 branches across 115 cities in India and hire around 4,000-5,000 employees in the coming years. Siply also plans to establish a strong agency network as its presence expands across the length and breadth of the country.