Nivesh.com, a mutual fund investment platform, has raised angel funding from a clutch of investors.

The start-up did not disclose the amount of funding it received but said the investors in this round include Rahul Gupta, CEO of Right Global Infosolutions, and former president at private equity firm Sonoma Management Partners, Sandeep Shroff, CEO of Silicon Valley-based MyStartUpCFO.com, and former head of investor relations at Infosys, and PV Sahad, founder and former CEO of The VCCircle Network.

The amount raised will be used for network expansion, reaching out to more customers, and for improving the investment experience, according to Anurag Garg, Founder and Chief Executive, Providential Advisory Services, which owns Nivesh.com. Garg was the founder of mutualfundsindia.com, which was later acquired by rating agency ICRA and Sridhar Srinivasan, former India managing director at US data analytics firm Visible Alpha.

Hindi version too

Mutual funds are at an inflection point with the ongoing fundamental shift of investments from physical to financial assets, the emergence of Aadhaar-based e-KYC, the government’s push for digitalisation and financial inclusion and new payment innovations, market watchers say.

In this backdrop, Nivesh is primarily targeting the underpenetrated Tier 2 and 3 cities and towns and is betting on the growing awareness among middle class Indians of the need to participate in equity markets for wealth creation and goal-based financial planning. The mutual fund platform will also be available through local distributor partners and will be available in Hindi, according to company executives.

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