Fello Analysis: $1M Raised
What is Fello?
Fello is an Indian investment app for buying 24K digital gold, 99.9% silver, fixed deposits, and recurring savings plans. The site also describes Smart Saving, SIP-based investing, and UPI Autopay, with storage and insurance handled through Augmont. Its About page says it is built for first-time investors and the youth of India, while the homepage claims more than 1 million users and India’s No.1 Gold Platform.
Location
Hanto Summit (Kaveri) 1257/37 3rd Floor, Sector 7, HSR Layout, Bengaluru, Karnataka 560102, India
Employees
11-50
Founded
2021
Revenue
$20M
Business Model
Game-based savings app; revenue from investments and user engagement incentives.
Product Features & Capabilities
- Digital Gold, P2P Lending Assets, Earn up to 15.5% Returns, Rewards System, Weekly Draws
How much Fello raised
1 - $1 million
January 5, 2022Lead Investor: Entrepreneur First, Acequia Capital, and others
HQ Full Address
Hanto Summit (Kaveri) 1257/37 3rd Floor, Sector 7, HSR Layout, Bengaluru, Karnataka 560102, India
Market Focus
Fello primarily focuses on the financial technology (fintech) industry, specifically in the areas of savings, investment, and rewards through digital gold and P2P lending assets.
Competitors Overview
Fello's main competitors in the rewarding and savings app market include:
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Spare8: Specializes in digital gold investments, allowing users to invest in gold digitally with a platform backed by physical gold. It offers a user-friendly app with no transaction fees and the option to redeem digital gold for physical gold.
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PrizePool: Provides a prize-linked banking application that allows users to save money and earn tickets for cash prizes, which is a unique approach compared to traditional savings models.
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FundsIndia: An online platform for mutual fund investments and stock trading, offering a range of financial products, which diversifies its offerings beyond just gold investments.
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Gullak: Focuses on savings and investment in gold, providing features like automatic savings and gold leasing, targeting individuals looking for better returns than traditional savings.
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Yellow Metal: Specializes in gold loans, offering quick services for customers needing financial assistance through gold valuation and loans.
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Jar: Offers a digital platform for savings and investment, including options for investing spare change into gold and providing credit and insurance options.
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Dvara SmartGold: Specializes in gold-based savings and lending solutions, targeting underserved communities with micro-savings plans and gold loans.
Notable differences include Spare8's unique offering of redeemable digital gold and PrizePool's innovative prize-linked savings model, which distinguishes them from Fello's focus on direct digital gold investments and gamified savings experiences. Fello stands out by gamifying the saving experience, offering rewards for savings through in-app games, which may appeal to gaming enthusiasts.
Investors
- Glen Tullman's 62Ventures
- The Capital Factory Fellowship Fund
- Other undisclosed investors
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