Abound, a remittance platform launched in 2023 by Times Internet, has successfully secured $14 million in its inaugural external funding round. The startup targets the growing population of Indian expatriates in the United States, capitalizing on a significant rise in remittance flows to India.

Growing Remittance Market

According to a World Bank report, India recorded an impressive $129.1 billion in remittances in 2024, making up 14.3% of the global market share. With the Indian diaspora growing worldwide, Abound is strategically positioned to tap into this expanding market.

Leadership and Vision

“Indians are among the largest immigrant groups in the U.S. The average household income in the U.S. is close to $58,000, while the average Indian household income is about $150,000,” said Nishkaam Mehta, CEO of Abound. He highlighted the disconnect between the affluent Indian expatriates and the available financial services tailored for them.

Mehta transitioned from a leadership role at Hulu, focusing on mobile strategies, to join Times Internet in 2019. Here, he aimed to develop a “super app” specifically for non-resident Indians (NRIs). Abound was subsequently incubated within the tech division of the Times of India Group.

Innovative Features and Services

Originally branded as Times Club, Abound allows users to:

• Send money to India efficiently.
• Earn rewards and cashback on purchases.
• Access services like live sports, grocery shopping, and OTT subscriptions.

Abound plans to further enhance its offerings by introducing high-yield savings options, investment opportunities focused on India, and cross-border credit solutions. “In our model as a super app, we envision a role for banks to participate within the platform,” added Mehta.

Performance Metrics

With over 500,000 monthly users, Abound has processed more than $150 million in remittances since its inception. The company reported a consistent month-over-month revenue growth of 50%.

Mehta noted that Abound is processing an estimated $110 million to $120 million in remittances annually, with a monthly growth rate of 15%.

Monetization Strategy

The company generates revenue through advertising and foreign exchange spreads during money transfers. As Mehta pointed out, the rewards system linked with local advertising minimizes customer acquisition costs, allowing Abound to remain competitive in the foreign exchange landscape.

Funding and Future Plans

The recent funding round was entirely equity-based, led by NEAR Foundation, with contributions from Circle Ventures and Times Internet, among others. The goal for this additional capital is to expand operational reach, enhance service offerings, and strengthen technological infrastructure.

“Traditional banks in the U.S. often overlook the unique financial needs of NRIs, presenting a gap filled by us,” said Satyan Gajwani, vice chairman of Times Internet. He emphasized the strategic assets that Times Internet would leverage to expedite Abound’s growth.

Competitive Landscape

While the remittance space is crowded with players such as Western Union and PayPal, Mehta believes Abound’s unique delivery of competitive exchange rates coupled with user rewards sets it apart. Users benefit from offers at approximately 5,000 Indian grocery stores, in addition to exclusive rights to live-streamed cricket content.

Team and Expansion Plans

Currently employing a team of 40, primarily based in India, Abound plans to bolster its workforce and establish an executive presence in the United States. Future ambitions include entering markets with significant Indian populations, such as Canada, Singapore, and the UAE, although immediate efforts will focus on solidifying its position in the U.S.