ET has accessed details of the deal through documents filed with the Registrar of Companies (RoC) via business intelligence platform Tofler.
With this deal, Moneyview has been valued at around Rs 10,000 crore, or $1.2 billion, reaching unicorn statusan industry term used to describe companies with a valuation of more than $1 billion.
Well-informed sources said that no new money was brought into Moneyview during this process. They added that Jify employees would be absorbed into Moneyview in the future.
Moneyview last raised $75 million in 2022, at a post-funding valuation of $900 million.Major investors including Tiger Global and Apis Partners led this round.
In a statement, Moneyview confirmed the acquisition of Jify and said the deal would help Jify expand its service reach and reach a broader base of employees and organizations.
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For employees who need funds mid-month, Jify offers them an advance on their salary, equivalent to the days they have already worked. Jify serves over 250 large enterprises with millions of employees. With this acquisition, Jify will be able to offer financially underserved Indian consumers a range of products such as personal credit, UPI, insurance, savings, home loans and property loans, the company said in a statement.
Moneyview joins InCred, another digital loan unicorn club company, thanks to this round of funding. InCred reached a valuation of one billion dollars in December 2023.
The news of the unicorn’s valuation was first reported by Moneycontrol.