Syfe Raises $27 Million for Growth & Expansion

New Delhi, Aug 14 (PTI) Investment platform Syfe on Wednesday said it has raised USD 27 million (Rs 226 crore) to accelerate growth, develop new products and expand its workforce in India.

The all-equity funding round saw participation from existing investors Valar Ventures and Unbound, and two UK family offices, according to a company statement.

"The funding will accelerate Syfe's growth across Asia, with new products and innovations to be rolled out in each of Syfe's markets. To fuel this development, Syfe will also be investing significantly to expand its engineering and product team -- the largest team within Syfe -- and capabilities at its Gurugram tech headquarters," the statement said.

Singapore-based Syfe was launched in 2019 by IIT Bombay alumnus Dhruv Arora, who was a part of the core team, which built quick commerce major Grofers (now Blinkit).

"This funding will enable us to reach more customers and help them grow their wealth for a better future. Through increased investment in development, we will bring even more innovative new products to market while continuously upgrading the Syfe user experience.

"As a proud Indian, I am very pleased that we will be able to invest further in Indian talent and grow our team here," Arora said.

Syfe is licensed and operational in Singapore, Hong Kong, and Australia. The company has customers from over 60 countries. To date, it has raised USD 79 million and is backed by leading global investors, including Peter Thiel's Valar Ventures, Unbound, and partners from DST.