Moneyview Renames Parent Entity Ahead Of IPO

SUMMARY

The board of Moneyview passed a resolution on May 15 to change the name of the company to ‘Moneyview Private Limited’ from ‘Whizdm Innovations Private Limited’ earlier

The move comes at a time when the fintech unicorn is preparing for $400 Mn IPO

The name change, especially ahead of a potential public listing, could help Moneyview create better brand recall among consumers and stakeholders

In a strategic maneuver ahead of its potential initial public offering (IPO), fintech unicorn Moneyview has changed the name of its parent company from Whizdm Innovations Private Limited to Moneyview Private Limited.

The Tiger Global-backed startup received approval from its board for the name change on May 15, as per its regulatory filings sourced from the Registrar of Companies (RoC).

“… consent of the board of the directors of the company be and is hereby accorded to change the name of the company from its current name ‘WHIZDM INNOVATIONS PRIVATE LIMITED’ to ‘MONEYVIEW PRIVATE LIMITED’,” the filing read.

A move like this can be interpreted as an effort to create better brand recall among consumers and stakeholders as Moneyview prepares for its stock market listing in the coming months.

Moneyview declined to comment on Inc42’s queries on the development.

The move is similar to what other new-age tech companies have done in the past. Food delivery and quick commerce major Swiggy rechristened itself from Bundl Technologies Private Limited to Swiggy Private Limited ahead of its IPO in February 2024.

Ahead of its eventual public listing, Aadit Palicha-led Zepto also changed the name of its parent company from Kiranakart Technologies Private Limited to Zepto Private Limited last month.

Moneyview Jumps On Fintech IPO Bandwagon

The development comes at a time when Moneyview is gearing up for its public listing. Earlier in May, it was reported that the Bengaluru-based lending tech startup had tapped Axis Capital and Kotak Mahindra Capital Company for its IPO.

Moneyview is expected to raise $400 Mn (around INR 3,411 Cr) via its public issue, the bulk of which will likely be a fresh issue component.

Founded in 2014 by Sanjay Aggarwal and Puneet Agarwal, Moneyview offers a comprehensive suite of financial products such as personal and home loans, credit cards, credit score tracking, motor insurance, and loans against property.

Last year, it joined the unicorn club after raising INR 38.6 Cr (around $4.6 Mn) from Accel India and Nexus Ventures. In all, Moneyview has raised north of $188 Mn in funding to date and also counts Ribbit Capital, Apis Partners, and Evolvence India Fund among its backers.

With an IPO on the cards, Moneyview remains financially strong. It reported a net profit of INR 171.2 Cr in the fiscal year (2023-24) FY24, up 5% from INR 162.6 Cr in the fiscal prior. Operating revenue surged 75% to INR 1,012 Cr during the year from INR 576.8 Cr in FY23.

Amid the ongoing market uncertainty, several fintech companies are readying for an IPO. These include startups like Groww, which filed confidential IPO papers with SEBI earlier this week, PhonePe, Razorpay, Pine Labs, Kissht, KreditBee, and Turtlemint, among others.

As per Inc42’s Indian Tech Startup Funding Report, 2024, fintech startups emerged as investors’ darling, bagging $2.5 Bn in total funding across 162 deals. Even in Q1 FY25, the sector raised the highest amount of funding, totalling $739 Mn.

The Indian fintech market is projected to grow to a size of $2.1 Tn+ by 2030 from $793 Bn+ in 2024, clocking a CAGR of 18% during the period.