Immigrant Relocation Fintech Remigos raises Rs 58 lakh from Indo Thai Securities and Angels
February 18, 2023
Written by: Rahul Srivastava
Remigos, a London and Indore-based startup, has raised Rs 58 lakh in a pre-seed funding round led by Indo Thai Securities Ltd, with participation from several other angel investors.
Founded in June 2022 by London Business School alumni Sarthak Doshi, Remigos is the one-stop platform for international students to automate immigration tasks, set up lifestyle solutions while in India, and cross-border access payments and international banking.
Sarthak Doshi, said, “From the day I landed in the UK for my education, it took me 3-4 weeks just to access essentials like a permanent phone number and a UK bank account. Once I reached London, it was also impossible to get access to affordable services to get money here. Since then, it has been my passion to solve this problem.”
According to the company’s press release, The raised capital will be used to grow the product and build a superior customer experience. Additionally, the company plans to grow its partnerships to widen its customer funnel.
The company’s vision is to offer immigrants the comfort of their home country in the new country. Sarthak said,” We are a team of immigrants making it not only remarkably simple but also affordable for the immigrants. A lot of students from not-so-privileged backgrounds end up paying more than Rs. 100,000 in hidden and unnecessary fees, which add up to their loans. We not only improve the lives of millions of students, but also bring prosperity to their families. That is what keeps us awake at night.”
India is the fastest-growing market for students who are going abroad. There are more than 750,000 students that go abroad.
Remigos said it has already launched one channel from India to the UK and plans to launch in the US and Canada next year.
In these three markets, the startup said it would already be serving 50% of the total Indian market. They have already got RBI license to launch and have helped more than 250 beta users get Rs 6 crore from India.
Commenting on the investment, Rajendra Bandi, Director at Indo Thai Securities, commented,” We are extremely excited with our investment in Remigos. Remigos is solving a huge pain point for customers and this market is ready to be disrupted. We are impressed by the team’s strong execution with such limited capital. They are already demonstrating strong margins and this round will enable them to scale the product to a wider audience.”
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