Times Internet spin-out Abound raises $14M to let more Indian Americans send money home

Abound, a remittance app that was spun off by Times Internet in 2023, has raised $14 million in its first external funding round as it aims to reach more Indian expats in the U.S. Remittance flows to India are rising as the Indian diaspora spreads worldwide. In 2024, the South Asian country recorded $129.1 billion in remittances, accounting for 14.3% share of the global market and topping the charts, according to a World Bank report. Abound aims to tap this growth with its mobile app. “Indians are among the largest immigrant groups in the U.S. The average household income in the U.S. is close to $58,000, and the average Indian household income is about $150,000. That tells you that Indian expats are wealthy, affluent, and yet they’re vastly underserved in terms of products and services that are geared for them,” said Nishkaam Mehta, CEO of Abound, in an interview. Mehta, who worked at Hulu as head of its mobile strategy and growth for more than four years, joined Times Internet in 2 ... Read full article.