NRI-focused fintech startup Belong raises Rs 43 crore in a round led by Elevation Capital

Belong, a fintech startup offering investment products tailored to non-resident Indians (NRIs), has raised $5 million (approximately Rs 42.9 crore) in a seed funding round led by Elevation Capital, with participation from Relentless Ventures and several high-profile angel investors.

Among the investors are Urban Company co-founders Abhiraj Singh Bhal and Varun Khaitan, Zomato CFO Akshant Goyal, Mamaearth CEO Varun Alagh, PayU executive Vineet Sethi, and McKinsey partner Aditya Sharma.

Founded in 2024 by Ankur Choudhary, Ayush Singh, Sai Sankar M, and Savitri Bobde, Belong operates out of GIFT City (Gujarat International Finance Tec-City) and is positioned as a digital financial platform catering exclusively to the NRI community. Choudhary and Bobde previously co-founded Goalwise, an investment advisory firm that was later acquired.

The startup currently offers a USD-denominated fixed deposit product in partnership with Indian banks operating at GIFT City. The service is initially available to NRIs residing in the UAE and promises features such as tax-free returns in India, protection against rupee depreciation, doorstep KYC, and simple repatriation options.

Belong has secured a Payment Services Provider (PSP) license and a broker-dealer license through the International Financial Services Centres Authority (IFSCA), which governs GIFT City. The startup plans to use the fresh capital to acquire regulatory licences, expand its financial product suite, and scale operations in key NRI markets such as the Gulf Cooperation Council (GCC) region, the United Kingdom, and the United States.

Beyond fixed deposits, Belong is developing a broader wealth and compliance platform that will include mutual funds, Indian and U.S. equities, insurance products with global coverage, and financial cards targeted at NRIs.

The startup has also introduced a suite of digital tools designed for NRI users, including a fixed deposit rate explorer, a GIFT Nifty tracker, a residential status calculator, and an NRI compliance compass. It plans to soon launch an India tax filing service tailored to expatriates seeking transparent and cost-effective filing solutions.