Mumbai, 14th July, 2020: Group payments platform goDutch, announced today that it has raised $1.7 million in seed funding. Matrix Partners India led the round with participation from Y Combinator, Global Founders Capital, Soma Capital, VentureSouq and marquee angel investors such as Justin Mateen (Co-founder, Tinder), Kevin Lin (Co-founder, Twitch), Rohan Angrish (Head, ICICI Labs) and Sumon Sadhu.
Founded by IIT Bombay graduates Aniruddh Singh, Riyaz Khan and Sagar Sheth, the goDutch app allows users to record, split and automatically settle group transactions such as rent payments, travel, shopping, dine out, home delivery, etc. Group payments currently is a multi-step process for most users with a high social barrier. Most young adults who use current transaction tracking apps struggle to settle the accounts and often receivables ramp up rapidly. goDutch aims to streamline and solve for this very gap. The goDutch card, issued in partnership with CSB Bank, enables real-time splitting of group payments at any online or offline merchant. While users can get the free virtual card instantly by signing up on the app, the physical cards can be ordered through the app in the coming few weeks.
The start-up is targeting 50 million Indians across Tier 1 & 2 cities that make up $75B worth of group transactions annually.
Sagar Sheth, Co-founder and CEO, goDutch said “As young millennials, a large part of our lives are spent with different groups such as flatmates, office colleagues and friends we go out with. We’ve built goDutch so that you can truly enjoy your group experiences and create amazing memories without stressing over how to manage the group expenses.”
Aniruddh Singh, Co-founder and COO, goDutch said “Our group experiences are affected by awkward hassles in settling expenses with our friends. We tackle this intricate social problem in one swipe of the goDutch card and provide our customers with a quick & effortless experience in these tricky situations."
Riyaz Khan, Co-founder and CPO, goDutch said “Currently for group payments people are using traditional payment apps which are designed for one to one payments. Given the frequency of shared transactions one has with their friends, it’s time to look at this problem separately. Thus, we are introducing the goDutch card through which friends can share their payments in real-time.”
Rajat Agarwal, Director at Matrix India commented “While many existing apps allow recording of group transactions, none of those enable seamless peer-to-peer settlements or real-time splitting. It’s a real pain point for young adults and if solved well, the product has the potential to grow virally. We believe that group payments can also be an exciting entry point to ultimately target group commerce and bring it online. We are thrilled to partner with the goDutch team as they reimagine this space and provide a truly 21st century experience.”
About the founders:
Aniruddh, Riyaz and Sagar are all graduates of IIT-Bombay with a strong fintech background. Sagar has prior experience working with consulting firm Kearney and VC investor Eight Roads Ventures. Aniruddh was previously working with Axis Bank’s Business Technology group, while Riyaz was a product manager at InstaReM, a cross-border payments company.
goDutch is a group payments platform for millennials. goDutch users can use the app and goDutch card to split group payments on the fly, without any worry of awkward reminders, delayed payments and multiple transactions. Further information is available at https://www.godutchpay.in/
About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading financial services focused companies such as, Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Razorpay (payments), Mswipe (mobile POS), Ola Financial Services (digital-first financial products), Jupiter (Neobank), Avail Finance (Neobank for the blue-collar workforce), OneCard (mobile-first credit card), ZipLoan (NBFC), CreditVidya (alternate data consumer lending platform), LiquiLoans (peer to peer lending platform), YeLo (mobile-first Neobank), as well as, marquee investments including Ola (mobility), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Limeroad (social e-commerce platform), Ola Electric (electric vehicles), Stanza Living (tech enabled student housing platform), Vogo (scooter sharing), and Cloudnine Hospitals (leading chain of maternity hospitals), among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.