Group payments platform for millennials goDutch on Tuesday 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 angel investors such as Justin Mateen (Co-founder, Tinder), Kevin Lin (Co-founder, Twitch), Rohan Angrish (Head, ICICI Labs) and Sumon Sadhu.
The goDutch app allows users to record, split and automatically settle group transactions such as rent payments, travel, shopping, dine out and home delivery.
Founded by IIT Bombay graduates Aniruddh Singh, Riyaz Khan and Sagar Sheth, the start-up is targeting 50 million Indians across tier 1 & 2 cities that make up $75 billion worth of group transactions annually, the company said in a statement.
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 gap.
Mr. Chander Sawhney
Partner & Head-Valuation and Biz Modeling
+91 11 40622252