Banking Tech Startup GRAVITY Secures $1M Funding from Kettleborough VC and Others

GRAVITY, a highly personalized banking platform based in Mumbai, has secured $1 million in a pre-Series A funding round. The round was led by Kettleborough VC and included investments from notable banking industry figures and several high-net-worth individuals (HNIs). The startup intends to utilize the funds to advance its technology development and drive organic growth. “The capital will be used to bolster our engineering capabilities to develop the product and elevate it to its next iteration, ensuring top-tier product engineering,” said Satish Krishnaswamy, co-founder and chief executive.

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GRAVITY’s platform enhances banking efficiency through several features. It reroutes IMPS transactions via NEFT when the IMPS server is down, provides instant loans for customers with insufficient funds during transactions, and facilitates the launch of new products or workflows within 2-3 days using its API symphony. The startup reports interactions with approximately 18 commercial banks in India, completion of proof of concept (POCs) with five of these banks, and is currently in the procurement phase with one or two banks. Additionally, it has secured an order with one commercial bank.

GRAVITY is strategically poised to integrate 4-5 Indian banks into its network this year, paving the path for its global expansion. The startup sets its sights on achieving an annual recurring revenue (ARR) milestone of $2 million by year-end. Moreover, it strategizes to establish Memorandums of Understanding (MOUs) within the forthcoming one to two quarters, fostering partnerships with entities in selected international markets. Initial focus will be directed towards the UAE, followed by Vietnam, Indonesia, the Philippines, and the UK in Europe. Krishnaswamy articulated, “In the upcoming one to two quarters, we are geared to formalize MOUs with numerous partners in our designated overseas regions. With optimism, we anticipate the integration of substantial banking institutions from these regions onto the Gravity platform by next year.”

Kettleborough VC, a fledgling venture capital firm spearheaded by pioneering investor Nisarg Shah, inaugurated its inaugural VC fund in October 2022. This establishment has previously provided support to emerging enterprises such as InPrime Finserv, Finhaat, Giga Fun Studios, Zocket, and ONWO. Reflecting on the investment in “Gravity”, Shah remarked, “Gravity perfectly aligns with our investment ethos of championing experts in their respective domains. We hold firm belief in its potential to pioneer a new category, serving as a pioneer in resolving the fragmentation within banking systems and catalyzing transformative change within the banking sector.”

GRAVITY, a Mumbai-based personalized banking platform, secured $1 million in pre-Series A funding led by Kettleborough VC, with contributions from notable industry figures and high-net-worth individuals. The startup aims to enhance technology development for banking efficiency, offering features like rerouting IMPS transactions via NEFT during downtime, instant loans, and rapid API-based product launches. With ongoing engagements with Indian banks and plans to expand globally, GRAVITY targets an ARR milestone of $2 million by year-end. It also plans MOUs with international partners, starting with the UAE, then expanding to Vietnam, Indonesia, the Philippines, and the UK.