UK headquartered fintech startup Revolut, on Thursday, announced its entry into the Indian market with the appointment of Paroma Chatterjee as the India CEO. Chatterjee, a known leader in the consumer tech and fintech domain will lead Revolut’s efforts to expand across the country deeply amid competition from the likes of Google, Paytm, and PhonePe.
Revolut is a six-year-old startup backed by Silicon Valley-based venture capital firm TCV, DST Global, Ribbit Capital, Lakestar, and GP Bullhound.
The fintech startup invested about $25 million towards India expansion, and aims to launch its app by 2022, according to CNBC. Although the startup has not made any announcement publicly, Revolut is reportedly undergoing a fundraise that would increase its valuation to $10 billion.
In July 2020, Revolut raised $80 million from private equity company TSG Consumer Partners as part of its Series D funding round. Established in more than 35 countries and 15 million customers, Revolut was then valued at $5.5 billion.
The company has lately expanded its crypto offering from 10 to 21 cryptocurrencies with Cardano, Uniswap, Yearn Finance, and Bancor among its latest additions.
Paroma is an IIM-Lucknow graduate and brings over 15 years of experience from Indian tech startups including Flipkart, LendingKart, and financial institutions including Kotak Mahindra Bank, ICICI Bank and telecom giant Bharti Airtel.
In her last experience, the Chief Business Officer at LendingKart, Paroma helped entrepreneurs in India accumulate working capital. Prior to that, Chatterjee led international expansion of a travel company called Via.com.