myPaisaa
myPaisaa operates India's first 100% digital chit fund platform under Finsave Technologies Private Limited, serving salaried individuals, blue-collar workers, and corporate employers across Telangana, Karnataka, and Andhra Pradesh with mobile-first chit plans ranging from ₹50,000 to ₹25 Lakhs.
- Company typePrivate
- Founded2020
- HeadquartersHyderabad, India
- Headcount51–100
- GTM typeB2C
- OfferingServices
What myPaisaa does
myPaisaa, operated by Finsave Technologies Private Limited and founded in 2020 in Hyderabad, is India's first 100% digital chit fund platform. It offers a portfolio of seven chit fund plans (Chota Save through Maha Gold, plus Anytime Paisaa and Vacant Chits) ranging from ₹50,000 to ₹25 Lakhs with monthly contributions of ₹2,000–₹50,000 and tenures of 12–50 months. The mobile and web app enables 2-minute eKYC (Aadhaar, PAN, selfie), paperless eSign onboarding, in-app live e-auctions conducted 4–10 times per month, and digital payouts via UPI and RazorPay. All chit groups are registered with the Telangana Registrar of Chits and publicly verifiable on the T-Chits government portal under the Chit Funds Act 1982.
The platform serves primarily individual salaried consumers seeking higher returns than bank FDs/RDs (claimed 10–12% vs. 5–6%), blue-collar workers earning ₹25,000/month or less, and NRIs who can monitor and bid remotely. A B2B Employee Welfare Program channel extends distribution to corporate employers (named partnerships with SPAR and gonative), positioning chit plans as a financial wellness benefit. Offline reach is built through 20+ Seva Kendra franchise centers across Telangana, Karnataka, and Andhra Pradesh. Marketing combines content (blog, YouTube, social), a Refer & Earn incentive (0.75%/0.25% of chit value), and app store organic presence with 4.3–4.5 star ratings.
The business model is a transaction-fee model: 5% commission on chit value at prize disbursement (the industry standard rate) plus a ₹200/lakh processing fee and 18% GST. The company is backed by the Bharat Inclusion Initiative and the Government of India's DIPP Startup India program, with funding from Bharat Inclusion Seed Fund and IIMA Ventures in 2021–2022. Leadership combines enterprise-scale operators (ex-Mahindra Group CEO, ex-Intel/SA) with chit domain expertise (IIM Ahmedabad, ex-ICICI/Kotak, 20 years of chit investing). Scale indicators as of December 2021 were 25,000+ users and ₹25 crores in auction turnover; the current join page claims 2+ lakh registered users and ₹1,000 Crores+ in cumulative investment.
myPaisaa firmographics
Firmographics- Name
- myPaisaa
- Legal name
- Finsave Technologies Private Limited
- Website
- https://mypaisaa.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- myPaisaa operates India's first 100% digital chit fund platform under Finsave Technologies Private Limited, serving salaried individuals, blue-collar workers, and corporate employers across Telangana, Karnataka, and Andhra Pradesh with mobile-first chit plans ranging from ₹50,000 to ₹25 Lakhs.
- Ownership category
- akta.pro rank
myPaisaa industry classification
Industry- Product category
- Digital Chit Funds
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)
Keywords
Where myPaisaa is headquartered
LocationHeadquarters
- HQ city
- Hyderabad
- HQ country
- India
- HQ region
- Asia
Offices10 records
Markets served
myPaisaa business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Chit Commission: 5% commission charged on the total chit value at prize disbursement. This is the primary revenue stream, deducted from the winning bidder's prize amount before disbursement.
- Processing Fee: ₹200 per lakh of chit value charged at prize distribution (towards stamp duty and other taxes), plus 18% GST on total charges.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Chota Save - ₹50,000 Chit Plan |
| Unit Pricing | Monthly | Bada Save - ₹1 Lakh Chit Plan |
| Unit Pricing | Monthly | Zyada Save - ₹3 Lakh Chit Plan |
| Unit Pricing | Monthly | Mega Save - ₹5 Lakh Chit Plan |
| Unit Pricing | Monthly | Maha Silver - ₹10 Lakh Chit Plan |
| Unit Pricing | Monthly | Maha Gold - ₹25 Lakh Chit Plan |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
myPaisaa product offering
Product offeringCore offering
myPaisaa operates India's first 100% digital chit fund platform, enabling individuals to participate in community-based rotating savings and credit associations (chit funds) through a mobile app. Subscribers make monthly contributions into chit groups ranging from ₹50,000 to ₹25 Lakhs, then bid for the pooled amount through live in-app e-auctions held 4–10 times per month. The platform is government-registered and regulated by the Telangana Registrar of Chits, and supports B2B employee welfare programs for blue-collar workforces.
Product overview
myPaisaa is India's first 100% digital chit fund platform offering a portfolio of seven named chit fund plans (Chota Save, Bada Save, Zyada Save, Mega Save, Maha Silver Save, Maha Gold Save, and Anytime Paisaa) plus Vacant Chits. The platform enables users to invest in community-based rotating savings and credit associations (ROSCA/chit funds) through a mobile app, with features including e-KYC, in-app live e-auctions, digital payment processing, and dividend tracking. Plans range from ₹50,000 to ₹25 Lakhs with tenures from 12 to 50 months, targeting both individual savers and employee welfare programs for businesses.
Differentiator
Problem solved
Functional benefit
Products and services
- Chota Save Plan
Quantifiable outcome
- 10-12% annual returns vs. 5-6% from bank FDs/RDs
- +5 more outcomes
Companies that use myPaisaa
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles2 records
myPaisaa technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature5 records
myPaisaa partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor and core.
- SPARminormyPaisaa X SPAR partnership under the Employee Welfare Programs. SPAR India (hypermarket chain) employees are offered myPaisaa chit fund plans as a financial wellness benefit.
- gonativeminormyPaisaa X gonative partnership under the Employee Welfare Programs, offering chit fund benefits to gonative's workforce.
- RazorPaycoreRazorPay is the payment gateway partner for myPaisaa, enabling digital payments for subscription contributions and prize money disbursements. myPaisaa is the first chit fund company to onboard RazorPay as payment gateway partner.
- 91springboardminor91springboard is the co-working space provider hosting myPaisaa's headquarters at Gachibowli, Hyderabad.
- e-Signcoree-Sign integration enables digital document attestation and signature for paperless KYC and agreement processes.
Scale indicators9 records
Recent moves6 records
Expansion highlights5 records
myPaisaa competitors and assessment
Company assessmentEmerging players
- Groww: Groww is a leading Indian retail investment platform for mutual funds, stocks, and digital gold. It is thematically adjacent to myPaisaa as both companies offer 'digital gold' and savings/investment products to mass-market Indian consumers, though Groww is a SEBI-regulated investment platform rather than a chit-fund operator.
- BharatPe: BharatPe is an Indian fintech serving merchants and small businesses with payments, lending, and investment products. It is comparable to myPaisaa as a fellow Indian fintech targeting underserved/blue-collar segments with savings and credit overlays, though its core wedge is merchant QR payments rather than chit funds.
- ETMONEY (by Times Internet): ETMONEY is an Indian personal finance super app offering mutual funds, fixed deposits, loans, and digital gold to middle-class savers. It overlaps with myPaisaa in targeting the same digitally-engaged middle-class savings demographic with multiple financial products, though its offerings are SEBI/RBI-regulated rather than chit-fund-based.
Broad incumbents
- Bajaj Finance: Bajaj Finance is India's largest consumer NBFC offering personal loans, BNPL (Bajaj Pay), and small savings products to salaried and self-employed Indians. It targets overlapping customer segments as myPaisaa's salaried and blue-collar users, with similar commission-style revenue on consumer credit, but at vastly greater scale.
- Shriram Chits India: Shriram Chits India is one of India's largest traditional chit fund operators with thousands of branches across the country. It is comparable to myPaisaa on the underlying chit-fund product and customer base, but its scale, branch-based distribution model, and Tamil Nadu-centric legacy make it a broader incumbent rather than a like-for-like competitor.
- Paisabazaar.com: Paisabazaar is a leading Indian financial product comparison and distribution marketplace for credit cards, loans, and investment products. It overlaps with myPaisaa in financial product distribution to middle-class Indian consumers, though it is a much broader fintech platform rather than a focused chit-fund operator.
- Muthoot FinCorp: Muthoot FinCorp is a large Indian NBFC offering gold loans, microfinance, and chit-fund-adjacent savings products through a deep branch network. It serves a similar middle-class/blue-collar customer base as myPaisaa and competes for the same savings-and-credit wallet share, but at much larger scale and regulatory footprint.
Direct peers
- Chit Monks: Chit Monks is a digital chit fund platform in India that, like myPaisaa, runs online chit groups with eKYC and managed auctions. Executive Director Veera Praveen Reddy previously worked at Chit Monks, making it a directly comparable peer with overlapping product and target customer segments.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
myPaisaa social profiles
Digital presencemyPaisaa compliance and trust
Trust signalCompliance3 records
myPaisaa financial estimates
Financial estimateRevenue estimate
Valuation estimate
myPaisaa leadership team
Management profileNumber of profiles
Profiles3 records
myPaisaa funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
myPaisaa M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about myPaisaa
What does myPaisaa do?
myPaisaa operates India's first 100% digital chit fund platform, enabling individuals to participate in community-based rotating savings and credit associations (chit funds) through a mobile app. Subscribers make monthly contributions into chit groups ranging from ₹50,000 to ₹25 Lakhs, then bid for the pooled amount through live in-app e-auctions held 4–10 times per month. The platform is government-registered and regulated by the Telangana Registrar of Chits, and supports B2B employee welfare programs for blue-collar workforces.
Is myPaisaa a public or private company?
myPaisaa is a private company. It is classified as venture growth investor backed and is currently operating.
When was myPaisaa founded?
myPaisaa was founded in 2020. It employs 51 to 100 people.
Where is myPaisaa based?
myPaisaa is headquartered in Hyderabad, India, in the Asia region.
How does myPaisaa make money?
Two revenue lines are on record. Chit Commission is the primary driver. The others are processing Fee.
Who are myPaisaa's main competitors?
Emerging players on record are Groww, BharatPe and ETMONEY (by Times Internet). Broad incumbents are Bajaj Finance, Shriram Chits India, Paisabazaar.com and Muthoot FinCorp. Chit Monks is listed as a direct peer.
Does myPaisaa have an API?
No public API is recorded for myPaisaa.
What industry is myPaisaa in?
myPaisaa's product category is Digital Chit Funds. Its primary akta.pro industry code is FSAMAFAB, A2A Payment Initiation Service Providers (PISPs). Its NAICS code is 5221 and its SIC code is 6141.