Belonging Secures $5 Million in Seed Funding to Empower NRIs

Belonging, a fintech startup dedicated to providing customized investment products for non-resident Indians (NRIs), has successfully raised $5 million (approximately ₹42.9 crore) in a seed funding round. The funding was spearheaded by Altitude Capital, with additional contributions from Relentless Ventures and various prominent angel investors.

Prominent Investors Join Forces

This funding round attracted several high-profile investors, including Urban Company co-founders Abhiraj Singh Bhal and Varun Khaitan, Zomato’s CFO Akshant Goyal, and Mamaearth’s CEO Varun Alagh. Notable figures such as PayU Executive Vineet Sethi and McKinsey partner Aditya Sharma also participated, reflecting strong confidence in the venture.

About Belonging

Founded in 2024 by Ankur Choudhary, Ayush Singh, Sai Sankar M, and Savitri Bobde, Belonging operates out of Gift City (Gujarat International Finance Tec-City) as a digital financial platform tailored expressly for NRIs. Choudhary and Bobde are experienced entrepreneurs, having previously co-founded an investment consulting firm that was successfully acquired.

Innovative Financial Products for NRIs

Currently, Belonging offers a USD-denominated fixed deposit product in partnership with Indian banks located in Gift City. This service targets NRIs living abroad and promises features such as tax benefits in India, protection against currency depreciation, streamlined KYC processes, and easy repatriation options.

Regulatory Licenses and Expansion Plans

The startup has secured a payment service provider (PSP) license and a broker license from the International Financial Services Centers Authority (IFSCA), which regulates Gift City. With the new capital, Belonging aims to acquire further regulatory licenses, broaden its financial product offerings, and expand its presence in key NRI markets such as the GCC region, the United Kingdom, and the United States.

Future Developments: Comprehensive Wealth Management Platform

Beyond fixed deposits, Belonging is in the process of developing a broader wealth management and compliance platform. This future offering will include mutual funds, Indian and U.S. equities, globally covered insurance products, and financial cards specifically designed for NRIs.

Innovative Digital Tools for NRI Users

To enhance user experience, the startup has rolled out various digital tools aimed at NRIs, such as a fixed deposit rate explorer, a Nifty Gift tracker, a residential status calculator, and an NRI compliance compass. Additionally, Belonging plans to launch an income declaration tool tailored for expatriates seeking transparent and lucrative deposit solutions in India.