Abound, a remittance application that Times Internet spun off in 2023, has successfully raised $14 million in its inaugural round of external funding. The company’s objective is to broaden its reach among Indian expatriates in the United States.
As the Indian diaspora continues to expand globally, remittance flows to India are increasing. In 2024, India received $129.1 billion in remittances, representing a 14.3% share of the global market. This achievement placed the country at the top of the charts, as reported by the World Bank. Abound aims to leverage this growth trend through its mobile application.
Indians rank among the largest immigrant groups in the U.S. with an average household income of approximately $150,000, compared to the general U.S. average of $58,000. According to Nishkaam Mehta, CEO of Abound, this indicates that Indian expatriates are wealthy yet underserved when it comes to products and services tailored for them.
Mehta, who previously served as head of mobile strategy and growth at Hulu, joined Times Internet in 2019 after discussions with its vice chairman, Satyan Gajwani, to develop a “super app” for non-resident Indians. The startup was incubated within the tech division of The Times of India Group.
Initially launched as Times Club, Abound enables users to transfer money to India, earn rewards, and receive cashback on various services, such as live sports streaming, grocery shopping, and over-the-top (OTT) subscriptions. The company plans to explore avenues for providing high-yield savings, India-focused investments, and cross-border credit solutions to users.
“We envision a role for banks to be part of the platform within our super app model,” Mehta told TechCrunch.
Abound reports that it has processed over $150 million in remittances from its more than 500,000 monthly active users and boasts a 50% month-over-month revenue growth since its inception.
The company disclosed that its remittance volume has grown by 15% monthly, processing between $110 million and $120 million in the past year. Abound generates revenue from ads associated with rewards and from the foreign exchange margin on money transfers. Mehta highlighted the foreign exchange aspect as a significant growth opportunity, noting that The Times of India’s over 50 million monthly online visitors outside of India assist in expanding the user base and providing a variety of rewards.
“In money remittances, relying solely on the exchange rate can mean constantly acquiring new users,” Mehta stated. “However, we can compete on exchange rates because our rewards structure, supported by The Times of India and local advertisers, reduces customer acquisition costs compared to other companies.”
The equity-only seed round was led by NEAR Foundation, with Circle Ventures, Times Internet, and other investors also participating. Abound plans to use the new funds to expand its presence, enhance its offerings, and improve its technological infrastructure.
Gajwani remarked that traditional banks in the U.S. fail to address the financial needs of this segment as there are no banking products specifically designed for the non-resident Indian (NRI) population, presenting a significant gap and opportunity.
Despite the competitive landscape with established players like Western Union, PayPal, and MoneyGram, as well as newer entrants like Remitly and Wise, Mehta believes Abound has an advantage by providing competitive exchange rates alongside rewards and cashback at about 5,000 Indian grocery stores, and offering access to live-streamed cricket.
Abound currently employs a team of 40, mainly based in India, and plans to increase its workforce and establish an executive team in the U.S. The company also intends to enter markets such as Canada, Singapore, and the UAE, which have substantial non-resident Indian populations. However, Mehta stated that the immediate focus is to solidify its position in the U.S. before piloting operations in additional foreign markets.
