In a major development within the D2C startup news space, NRI-focused fintech brand Belong has raised $5 million in seed funding led by Elevation Capital, with participation from Relentless Ventures and high-profile angel investors. This milestone positions Belong firmly within India’s growing D2C ecosystem, especially as it pioneers new financial infrastructure tailored to the global Indian diaspora.
Belong aims to simplify cross-border banking by offering NRIs easy access to USD Fixed Deposits through India’s GIFT City — a rising International Financial Services Centre (IFSC) designed to streamline global financial flows. Belong is one of the latest D2C startups in the Indian fintech sector to tap into D2C funding rounds that fuel expansion and product innovation.
Founded in 2024 by fintech professionals Ankur Choudhary, Sai Sankar M, Ayush Singh, and Savitri Bobde, Belong operates via Betafront Technologies Pvt Ltd and its regulated GIFT City subsidiaries. This VC-backed D2C brand holds both a Payment Services Provider license and a Broker Dealer license under IFSCA, enabling it to offer a wider range of regulated products for NRIs.
The startup is launching its core offering in the UAE, home to the largest NRI population. It promises a full-stack direct-to-consumer India experience, with no NRE/NRO account requirements, simplified repatriation, tax-free returns in India, and smart tools like FD rate explorers, compliance guides, and tax residency calculators.
“We’re building Belong to be the trusted financial home for global Indians, starting with USD FDs via GIFT City,” said Ankur Choudhary, CEO of Belong. The company is redefining D2C financial products by offering features that go beyond traditional banking, creating intuitive, digital-first platforms.
Investors backing Belong include Urban Company’s Abhiraj Singh Bahl and Varun Khaitan, Zomato CFO Akshant Goyal, Mamaearth CEO Varun Alagh, PayU’s Vineet Sethi, and McKinsey Partner Aditya Sharma. This strong lineup highlights growing angel investment in D2C and belief in the D2C business model India.
According to Elevation Capital, the global NRI segment remains underserved in digital financial solutions. With over $129 billion in remittances to India in 2024 alone, Belong is targeting a massive market with high D2C revenue growth potential. In contrast, NRIs’ share in mutual fund AUM fell due to complex regulations and poor user experiences—gaps Belong aims to address.
Beyond FDs, Belong plans to launch a suite of new financial tools, including mutual funds, global equities, insurance products, and multi-market financial cards, all within the GIFT City framework. The startup also plans to expand beyond the UAE to other key markets like the GCC, UK, and the US, aligning with D2C expansion plans.
As part of India’s fastest-growing D2C brands, Belong embodies the shift towards premium D2C brands India with deep fintech DNA. Its tech-first approach, strategic use of regulatory hubs like GIFT City, and digital-native offerings position it as one of the top funded D2C brands to watch in 2025.