Abound, a remittance application that was established as a separate entity by Times Internet in 2023, has secured $14 million in its inaugural external funding round, aiming to expand its reach to more Indian expatriates in the United States.

The flow of remittances to India is increasing as the Indian diaspora grows globally. In 2024, the country recorded $129.1 billion in remittances, accounting for 14.3% of the global market and ranking first, according to a World Bank report. Abound seeks to capitalize on this growth with its mobile application.

“Indians are among the largest immigrant groups in the United States, with an average household income of approximately $150,000, significantly higher than the national average of $58,000. This indicates that Indian expatriates are affluent but underserved in terms of products and services tailored to their needs,” stated Nishkaam Mehta, CEO of Abound, in an interview.

Mehta, who previously worked at Hulu as the head of mobile strategy and growth for over four years, joined Times Internet in 2019 after meeting its vice chairman, Satyan Gajwani, to develop a “super app” for non-resident Indians. The startup was incubated at the tech arm of the Indian media conglomerate, The Times of India Group.

Initially named Times Club, Abound allows users to send money to India, earn rewards, and receive cashback on services such as live sports streaming, grocery shopping, and OTT subscriptions. The firm plans to explore opportunities to provide users with access to high-yield savings, India-focused investments, and cross-border credit solutions.

“In our super app model, we envision a role for banks to be part of the platform,” Mehta told TechCrunch.

The company claims to have processed over $150 million in remittances from its more than 500,000 monthly transacting users and has experienced a 50% month-over-month revenue increase since its launch.

Abound’s remittance volume has grown by 15% every month, with the startup processing $110 million to $120 million in the past 12 months, according to Mehta.

Abound generates revenue from advertising and foreign exchange spread on money remittances. Foreign exchange presents significant potential for growth, Mehta stated. The startup’s partnership with The Times of India, which has over 50 million monthly online visitors outside India, helps it reach new users and offer a range of rewards.

“In the money remittance market, if you solely focus on competing on exchange rates, you’re constantly acquiring new users,” said Mehta. “In our case, with the rewards layer from The Times of India and other local advertisers, we don’t face that challenge. We can compete on exchange rates while maintaining lower customer acquisition costs compared to other companies.”

This seed funding round was entirely equity-based, led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and other investors. The company plans to utilize the fresh capital to expand its presence, increase its offerings, and enhance its technical infrastructure.

“Traditional banks in the United States do not cater to the financial needs of non-resident Indians, as there are no banking products specifically designed for this population. We see this as a significant gap and opportunity,” said Gajwani.

Following the deal, Times Internet will remain the largest stakeholder in Abound. Gajwani told TechCrunch that Times Internet would “leverage its strategic assets to accelerate Abound’s growth.”

The market for platforms facilitating foreign remittances is competitive, with established players such as Western Union, PayPal, and MoneyGram, as well as newer entrants like Remitly and Wise. However, Mehta believes Abound has an edge as it “super serves” users by offering competitive exchange rates, rewards, and cashback at approximately 5,000 Indian grocery stores, and access to live-streamed cricket, the most popular sport in India.

Abound currently has a team of 40 people, primarily based in India, and plans to expand its headcount and establish an executive team in the United States.

In the future, the firm plans to enter markets such as Canada, Singapore, and the UAE, which have significant populations of non-resident Indians. However, Mehta stated that the immediate focus is to solidify its position in the United States and then conduct pilots in foreign markets.