Banking tech startup GRAVITY raises $1M in a funding round Led by Kettleborough VC, others

GRAVITY, a hyper-personalized banking platform based in Mumbai, has raised $1 million in a pre-Series A funding round led by Kettleborough VC, with participation from eminent personalities in the banking industry and a few high-net-worth individuals (HNIs).

The startup plans to use the capital to enhance its technology development and execute organic growth cycles.

“The funds will be employed to enhance our engineering strength to build the product and take it to the next version, offering the best in product engineering we can," said Satish Krishnaswamy, co-founder and chief executive.

What does GRAVITY do?

GRAVITY was founded in March 2024 by Satish Krishnaswamy and Rohit Maroo.

The platform enables banks to create a tailored experience for both retail and enterprise customers by allowing interoperability among various banking software systems, such as core banking systems (CBS), payments, loan origination systems (LOS), loan management systems (LMS), treasury, and depository.

This helps banks develop contextual and customized products based on customer needs and eligibility.

Offering several efficiencies to banks

GRAVITY's platform offers several efficiencies to banks. For instance, it can route IMPS transactions through NEFT if the IMPS server is down, offer instant loans to customers facing failed transactions due to low account balances, and launch new products or workflows within 2-3 days using its API symphony. 

The startup claims to have engaged with around 18 commercial banks in India, completed proof of concept (POCs) with five of them and is in the procurement stage with one or two banks. It has also closed an order with one commercial bank.

Plans to onboard 4-5 Indian banks this year

GRAVITY aims to onboard 4-5 Indian banks this year before expanding internationally. Notably, The startup targets an annual recurring revenue (ARR) of $2 million by the end of the year. 

It also plans to sign MOUs in the next one to two quarters with partners in targeted regions overseas, focusing initially on the UAE, followed by Vietnam, Indonesia, the Philippines, and the UK within Europe. 

Krishnaswamy stated, “We will be signing MOUs in the next one to two quarters with several partners in our targeted regions overseas. Hopefully, next year we will have sizable banks from across these regions on the Gravity platform.”

Investor comments

Kettleborough VC, an early-stage venture capital fund led by seed investor Nisarg Shah, launched its maiden VC fund in October 2022. The firm has previously backed startups such as InPrime Finserv, Finhaat, Giga Fun Studios, Zocket, and ONWO. Commenting on the investment in 

“Gravity falls exactly in our investment strategy of backing domain specialists. We are confident in its potential of becoming a category-creator, as an early entrant to solve the challenge of siloed banking systems and revolutionize the banking industry,” said Nisarg Shah.