Times Internet spin-out Abound raises $14M to let more Indian Americans send money home

Summary

Abound, a remittance app that was spun off by Times Internet in 2023, has raised $14 million in its first external funding round as it aims to reach more Indian expats in the U.S. Remittance flows to India are rising as the Indian diaspora spreads worldwide. In 2024, the South Asian country recorded $129.1 billion in remittances, accounting for 14.3% share of the global market and topping the charts, according to a World Bank report. Abound aims to tap this growth with its mobile app. “Indians are among the largest immigrant groups in the U.S. The average household income in the U.S. is close to $58,000, and the average Indian household income is about $150,000. That tells you that Indian expats are wealthy, affluent, and yet they’re vastly underserved in terms of products and services that are geared for them,” said Nishkaam Mehta, CEO of Abound, in an interview. Mehta, who worked at Hulu as head of its mobile strategy and growth for more than four years, joined Times Internet in 2019 after meeting its vice chairman Satyan Gajwani to create a “super app” for non-resident Indians. The startup was incubated at the tech arm of Indian media conglomerate, The Times of India Group. Initially named Times Club, Abound allows users to send money to India, earn rewards, and get cashback on services including live sports streaming, grocery shopping, and OTT subscriptions. The firm has plans to explore avenues to let users access high-yield savings, India-focused investments, and cross-border credit solutions. “In our model as a super app, we envision a role for banks themselves to be a part of the platform,” Mehta told TechCrunch. The company claims it has processed over $150 million in remittances in total from its more than 500,000 monthly transacting users, and that its revenue has increased by 50% month-over-month since launch. Abound’s remittance volume increased by 15% every month and the startup processed $110 million to $120 million in the past 12 months, Mehta said. ...