Personal finance startup Fisdom, which allows users to make financial and investment decisions for long-term financial planning, has raised the second round of institutional funding of $3.8 million led by Quona Capital, along with the existing investor Sama Capital.
The company aims to divert the funding into including new financial products, technology improvement, team expansion and improving customer experience.
Founded in 2015 by Subramanya S.V, former managing director at venture capital firm Bessemer Venture Partners India; and Anand Dalmia, a veteran investment banker, the platform allows consumers to discover and make mutual fund investments using a mobile app. It has partnerships with banks for sourcing investment schemes.
Fisdom claims to have high popularity in smaller cities like Erode, Mysore and Indore, across 600 locations in the country. It also said that it has facilitated more than 1 lakh mutual funds investments worth more than Rs 100 crore.
In 2016 October, the company had raised $1 million from existing investor Sama Capital.
In January, it had raised $500,000 in seed funding from a group of angel investors, including Silicon Valley-based venture capitalist Rob Chandra, CommonFloor co-founder Sumit Jain, TaxiForSure co-founders Aprameya Radhakrishna and Raghunandan G, among others.
Last week, Mumbai-based fintech startup Kissht has raised $10-million (about Rs 67 crore) led by Fosun International with participation from existing backers, early-stage venture capital firms, Ventureast and Endiya Partners.
Of late, fintech startups like, Delhi-based Smart Payment card app Olly-Credit raised an undisclosed amount from Japan’s Incubate Fund followed by Bengaluru-based Cashfree, which got $120,000 in seed funding from US-based startup accelerator Y Combinator.