Indonesian investment app Bibit has announced a successful $65M funding round, led by Sequoia Capital India. The funding round also saw participation from existing investors such as AC Ventures and East Ventures.
Bibit, which was founded in 2019, offers users an easy way to invest in mutual funds and stock portfolios. The app is designed to be user-friendly and accessible to people who may not have much experience with investing. Bibit’s goal is to make investing more accessible and convenient for everyone, regardless of their level of financial expertise. bibit 65m sequoia indiashutechcrunch.
This latest funding round is Bibit’s second growth round in less than a year. In August 2021, the company raised $30M in a funding round led by Prosus Ventures. The company has now raised a total of $110M to date.
The latest funding will be used to support the company’s continued growth and expansion. Bibit currently has more than 4 million users, and the company plans to use the funding to expand its user base further. The company also plans to develop new products and features to enhance the user experience.
Bibit has seen significant growth since its launch in 2019. The company has reported that its user base has grown by more than 10 times in the past year alone. This growth is a testament to the increasing demand for user-friendly investment products in Indonesia.
Indonesia is a rapidly growing market for investment products, with a young and tech-savvy population that is increasingly interested in investing. Bibit’s success in the Indonesian market has caught the attention of investors, and the company has quickly become one of the leading investment apps in the country.
The latest funding round led by Sequoia Capital India is a strong vote of confidence in Bibit’s growth potential. Sequoia Capital India is one of the most prominent venture capital firms in Asia, with a portfolio that includes companies such as Byju’s, Oyo, and Zomato. The firm’s investment in Bibit is a sign of the growing interest in Indonesia’s startup ecosystem and its potential for growth.
In conclusion, Bibit’s latest funding round is a significant milestone for the company and the Indonesian startup ecosystem. The company’s success in the investment space highlights the increasing demand for user-friendly investment products in Indonesia, and its continued growth is a testament to the potential of the market. With the support of investors such as Sequoia Capital India, Bibit is well-positioned to continue its growth trajectory and become a leading player in the investment space in Southeast Asia.