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Finomena

A FinTech startup providing young working professionals access to credit to buy gadgets and electronics.

Categories

Finance, Professional Services, FinTech,

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Reasons for Shutdown

High Burn Rate

The company had no reserves left for working capital

The company burned more cash than needed where it, unfortunately, did not find any investor who could show more interest to fund their project.

Strong Competition

Did not differentiate their product from the competitors.

There were already high competition from other companies such as ZestMoney.
The company did not have any strategies to differentiate their company from other existing competitors.

Direct Competitors and Similar Companies

Note: Direct competitors are defined by similarity score of more than 40%, while similar companies are defined by similarity score of less than 40%

No.	Name	Similarity score	Description	Industry	Categories	Location	Ownership status	Entity type	Stage of development	Transactional model type	Defensibility moats	Last financing round	Total raised	Post-money valuation	Last financing date	No. of funding round(s)	No. of investors	Investors	Total revenue	Market capitalization	No. of investments	No. of acquisitions	No. of board seats taken	Competition	Management	No. of employees	Company reputation	Contact info	Operational status	Operational duration	Shutdown date	Founded date	Legal name	Former legal name(s)	Ticker
1.	LoanMeet	14.5%	A Peer To Peer P2P lending marketplace.	Financial Services	P2P, Personal Finance, Finance	India	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2015	-	-	-
2.	HSBC Brunei	13.1%	A subsidiary of the global banking corporation HSBC Group.	Financial Services	Banking, Finance, Commercial, Credit Card Related	Brunei Darussalam	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	250-500	-	-	Inactive	-	-	1947	-	-	-
3.	Wesabe	12.8%	Personal finance management website designed to help users manage their daily finance.	Financial Services	Finance, Personal Finance, FinTech	United States	-	-	-	-	-	Early Stage	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2005	-	-	-
4.	Wonga	11.8%	An online payday lender that offered short-term personal cash loans to UK consumers.	Financial Services	Finance, Financial Services, FinTech, Risk Management	United Kingdom	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	501-1000	-	-	Inactive	-	-	2006	-	-	-
5.	Fo-Sho	10.1%	Peer-to-peer insurtech.	Financial Services	FinTech, Technology, Startup, P2P	South Africa	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2015	-	-	-
6.	Comunitae	10.0%	The pioneer platform to offer individuals a new way to save more profitably than traditional financial products.	Financial Services	P2P, FinTech, Finance	Spain	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2008	-	-	-
7.	Puddle	6.8%	An online lender that provided micro-credit in a peer-to-peer platform.	Financial Services	Social Media, Finance, Internet	United States	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2012	-	-	-
8.	37Coins	6.4%	A startup that provided SMS bitcoin wallet service for unbanked and unteched in developing economies without internet access.	Financial Services	Banking, Bitcoin, Finance	United States	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2014	-	-	-
9.	Aditya Birla Payments Bank Limited (ABPB)	5.7%	A payments bank.	Financial Services	Banking, Finance, Payments	India	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	250-500	-	-	Inactive	-	-	2016	-	-	-
10.	Smartly	4.7%	A robo-advisor that provided a digital wealth management platform to retail investors.	Financial Services	Automation, Investment Advisory, Finance, FinTech	Singapore	-	-	-	-	-	M&A	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2015	-	-	-
11.	Loot	4.5%	A banking and money management app for students.	Financial Services	FinTech, Payments, Finance, Personal Finance, Applications	United Kingdom	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2014	-	-	-

Investors

No.	Name	Investor type	Description	Location	Preferred investment stage(s)	Stages invested in	Assets under management (AUM)	Investment range	Investment sweet spot	Preferred investment focus	Preferred investment geography	No. of investments	No. of lead investments	No. of follow-on investments	No. of co-investments	Portfolio companies	No. of exits	Total exit value	No. of failed investments	Loss on investments	No. of acquisitions	No. of board seats taken	No. of funds	Limited partners	Co-investors	No. of partners	Partners	No. of employees	Management	Board members	Founders	Investor reputation	Contact info	Entity type	Legal name	Former legal name(s)	Founded date	Ticker
1.	Kaushal Aggarwal	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2.	Matrix Partners India	-	Matrix Partners India was established in 2006. Led by General Partners Avnish Bajaj and Rishi Navani.	Mumbai, Maharashtra, India	-	-	-	$ 1M - $ 50M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
3.	Harshvardhan Chamria	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Leadership

No.	Image	Name	Previous designation	Previous company	Previous biography	Previous profile type	Previous location	Experience	Education	Reputation	Current company	Current designation	Current biography	Current profile type	Current location	No. of investments	No. of exits	Total exit value	No. of board seats taken	Contact info
1.		Abhishek Garg	CEO	-	-	-	-	-	-	-	Roadiets	-	-	-	-	-	-	-	-	-
2.		Riddhi Mittal	Co Founder	-	-	-	-	-	-	-	Finomena	-	Riddhi Mittal is one of the co-founders of Finomena, a fintech start-up based in Bangalore. Finomena, the company she co-leads, is working towards bringing Financial Inclusion to a country of 1.25 Billion people through focusing on the holy-grail of “small tenure, small ticket size” lending, which can only be done in a tech-first way to be effective. Riddhi first went for a Stanford University undergrad and Masters in Computer Science, and then worked at places like Facebook (built GraphSearch from scratch), Mohr Davidow Ventures ($700 VC fund), and was also the youngest PM on Microsoft HoloLens, where she led a team of eight people.	-	-	-	-	-	-	-

Funding

No.	Financing date	Financing round	Total amount raised	Post-money valuation	Financial viability	Fundraising target amount	Remaining target amount	Financing type	No. of investors	Board seats	Lead investors	Entity type	Financing status
1.	8 Mar 2016	Seed Round	-	-	-	-	-	-	3	-	-	-	-