Mutual funds investment platform Nivesh.com has raised Rs 3 crore in a seed round of funding through LetsVenture. Google India MD – Rajan Anandan and former Infosys Global Sales Head – Basab Pradhan are among the major angel investors in the venture.
The fresh proceeds will be deployed towards expanding geographical footprints, ramping up technology and distribution network.
The seed round comes after a one year gap for the Noida-based company. In May last year, it had raised an angel round from VCCircle founder PV Sahad, Sandeep Shroff, founder and CEO of Silicon Valley-based MyStartUpCFO.com, and others.
Founded in 2016 by Anurag Garg and Sridhar Srinivasan, Nivesh enables intelligent and automated mutual fund scheme selection, transaction and portfolio tracking. The multilingual platform uses Aadhar based e-KYC to eliminate hassles around onboarding of first-time customers.
The startup claims to have registered 25,000 transactions on its platform in the last year and it has customers across 200 cities. With backing from the prominent investors, it is looking to grow three folds in terms of business in 2018.
Also Read: Sqrrl makes SIPs investment simple for millennials, eyes $14 Bn worth AUM with 12 Mn users by 2022
Nivesh.com primarily targets the under-penetrated markets of tier II and tier III cities and is betting on the growing awareness among middle-class Indians regarding the need for participating in equity markets for wealth creation and goal-based financial planning.
Mutual Fund market has grown over three times in the last 5 years from Rs 7.01 trillion in March 2013 to Rs 23.26 trillion in April 2018. With an extremely low penetration of around 3-4 per cent, the industry is poised to continue growing at a steady pace. Nivesh.com aims to tap this market opportunity via its curated financial solutions platform.
A host of other online investment platforms, including Orowealth, Kuvera Fincash.com, and Kaleidofin have received funding in the recent past. Other startups in this segment are Fisdom, Goalwise, Scripbox, and Tauro Wealth, and more.
The development was reported by TOI.