Times Internet spinout Abound raises $14M

Times Internet spinout Abound raises $14M

Abound, a remittance app designed for Indian Americans, has secured $14 million in its first external funding round. Originally spun off from Times Internet in 2023, the startup is targeting the growing market of Indian expats in the United States by offering a unique platform to send money back home.

Rising Remittance Trends and a Growing Market

With the Indian diaspora expanding globally, remittance flows to India continue to surge. In 2024, the country recorded
$129.1 billion in remittances, securing a 14.3% share of the global market. Abound’s mobile app is set to capitalize on this upward trend.

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Insight from Abound’s Leadership

Nishkaam Mehta, CEO of Abound, highlighted the potential of this market, noting, “Indians are among the largest immigrant groups in the U.S. The average Indian household earns around $150,000, yet they remain underserved by financial products and services.” His insights underscore the considerable opportunity for a remittance solution that goes beyond basic money transfers.

With years of experience at Hulu leading mobile strategy and growth, Mehta joined Times Internet in 2019 after connecting with vice chairman Satyan Gajwani. Together, they embarked on creating a “super app”—initially known as Times Club—that now offers enhanced features for nonresident Indians.

Features and Future Offerings

Abound not only enables users to transfer funds to India but also rewards them with cashback on services like live sports streaming, grocery shopping, and OTT subscriptions. The platform is laying the groundwork to introduce high-yield savings, India-focused investments, and cross-border credit solutions.

Mehta explained, “In our super app model, we envision banks playing an integral role on our platform.” This strategy distinguishes Abound from other remittance services by integrating a reward system with competitive exchange rates.

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Impressive Growth Metrics

Since launch, Abound has processed over $150 million in remittances with more than 500,000 monthly active users. The company has experienced a 50% month-over-month revenue increase and sees a steady 15% monthly growth in remittance volume. Over the past 12 months, the platform processed between $110 million and $120 million.

Revenue Streams and Strategic Partnerships

The app generates revenue through advertisements associated with its rewards program and via the foreign exchange spread on remittances. The Times of India’s digital ecosystem—boasting over 50 million monthly online visitors outside India—further helps Abound attract new users and diversify its offerings.

This all-equity seed round was led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and other investors. The funding will be used to expand Abound’s presence, enhance its product suite, and upgrade its technology infrastructure.

Looking Ahead

Satyan Gajwani emphasized the untapped potential of the nonresident Indian market. “Traditional banks in the U.S. don’t specifically cater to NRIs because there isn’t a dedicated banking product for their needs. We see a significant opportunity here,” he remarked.

While Times Internet remains the largest stakeholder in Abound and will continue offering strategic support, the startup is poised to compete against established players like Western Union, PayPal, and MoneyGram, as well as up-and-comers such as Remitly and Wise. Abound’s competitive edge lies in its combination of attractive exchange rates and a rich rewards ecosystem, including perks at approximately 5,000 Indian grocery stores and access to popular live cricket streaming.

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Expansion Plans

Currently operating with a team of 40 professionals primarily based in India, Abound plans to grow its workforce and establish an executive team in the U.S. Looking further ahead, the company intends to enter markets such as Canada, Singapore, and the UAE, all of which have significant Indian expatriate populations. For now, however, the company is focused on strengthening its position in the United States and testing its services in select international markets.