London-based fintech firm Revolut will be investing ₹340 crore in India as it looks to bring its solutions, including remittances, wealth management and payment services, to the country by the end of this year, a senior company executive said.
“We are pumping in ₹340 crore of investment into India. The investments would be spread across several quarters and used for overall India expansion. This is the first tranche of investments, we will see investments go up as the company expands its services,” Revolut India CEO Paroma Chatterjee told The Hindu.
She added that India was a key region in Revolut’s global expansion plans, and the company would create more than 300 jobs in India by the end of this year.
“Revolut looks at India as one of the key pegs for its ambition to expand globally and be considered as one of the top truly global digital banks. So with that intent when they wanted to enter India, the first step that was taken was to incorporate a wholly owned entity in India in April 2021,” Ms. Chatterjee said.
Revolut’s solutions are currently available in 35 countries, including the U.K., Singapore, Australia, the U.S. and Japan.
“The way we have thought about the product road map is to enter with international remittances, and then obviously couple that with domestic remittances…then we intend to get into trading and investments, where we will also bring in the ability to invest in the global markets,” she added.
Revolut products would be available for Indians in the second half of this year. However, Ms. Chatterjee added that the firm already had 30,000 customers who had downloaded the application and were on the waitlist.
She added that the company was also building a product and engineering hub based out of India, which would work on products not just for India markets, but also for the entire APAC region.