India 09th November 2023: BranchX, an AI-powered Indic neobank focusing on serving the middle-class population in semi urban cities and towns has successfully raised $900,000 in a bridge funding round. This infusion of capital funding will be instrumental in accelerating BranchX’s expansion plans, supporting product enhancement, and advancing the development of Xenie, a Gen AI voice assistant solution that encompasses retail connect, loyalty programs, and rewards system. BranchX has already amassed over 30,000 wallet users, a network of 3,000 agents and conducted transactions exceeding $20 million in the ﬁrst half of the current ﬁnancial year.
This achievement was accomplished due to the unwavering backing and ﬁnancial contributions from savvy high-net-worth individuals (HNIs) and ﬁnancial investors. Mr. Abdul Khaliq, the co-CEO of Gulf International Investment Company KSA, made a substantial investment, while Mr. Rais Motlekar, who is part of a prominent IT ﬁrm, also contributed to the fund raised. Additionally, BranchX’s existing angel investor Mr. Afzal Modak co-invested in this bridge round. Mr. Modak is a well known angel investor within the startup ecosystem and has previously supported startups like Clove Dental, Nic Ice Creams, Moms Belief among others demonstrating continued conﬁdence in the company.
Established in 2020 BranchX’s vision is to provide a comprehensive ﬁnancial utility solution via Raja Rani cards to millions of individuals residing in semi urban areas and towns, aimed at promoting ﬁnancial wellness in Bharat. This has garnered the support and belief of industry leaders like Mr. S Madhavan who is on the boards of ICICI Bank, P&G and HCL Technologies.
Commenting on the successful funding round, Rajesh Johnny, CEO and Co-Founder of BranchX stated, “The continued support from all our investors has been instrumental in BranchX’s growth and mission to improve the financial well-being of the common Indian. The latest infusion of bridge capital will contribute in stabilising the existing operations, the development of Xenie as an comprehensive loyalty and reward program, and the establishment of a strong foundation for the upcoming series A.”
Commenting further, Sajid Jamal, Chief Business Architect & Co-Founder of BranchX stated, “We are thrilled to have the support and trust of senior industry leaders like Mr. Abdul Khaliq, Mr. Rais Motlekar, Mr. S Madhavan and Mr. Afzal Modak. This investment will accelerate our efforts in realising our goals of providing a comprehensive Indic neo banking and enabling the largest card utility solution for millions of people residing in small towns and villages via Raja Rani card, thereby promoting financial inclusion.
BranchX believes that its bold vision requires equally bold believers. This round of funding further proves its conﬁdence among its investors. In the angel and seed funding rounds conducted in 2022, the company successfully raised a total of $2.3 million.
BranchX is on a mission to make digital ﬁnancial services accessible to the underserved individuals of Bharat and unorganised SMEs through the implementation of its Gen AI technology within its retail product and neo banking platform. This initiative aims to overcome hurdles like inventory management, loyalty and rewards programs, and the restricted availability of ﬁnancial services. BranchX is committed to fostering ﬁnancial inclusion and a brighter future for India’s middle class and small retailers.