Fabits, latest entrant into the capital market and retail financial services, promises to guide investors who currently have to make do with random and subjective advice, and worry over daily or weekly market volatility not knowing how to invest.
“We seek to evangelise and put into practice what was once the privilege of only the richest and available only at a high cost,” says Dharmaraj H, CEO, Fabits. A member of the NSE and CDSL, it is backed by Wealth Managers United (WMU) India which oversees a portfolio of over ₹3,000 crore.
Signature Investment Baskets
The Fabits app offers all forms of traditional investments like equity and IPOs, and will soon take up even mutual funds and US stocks, Dharmaraj says. The highlight is the Signature Investment Baskets, the investment options on the Fabits app. “Here, you can choose your goal, your amount to invest, and an investment period and you will be guided to appropriate investment baskets that best suit your needs. All this at a minimal fee,” Dharmaraj explains.
“This means you don’t have to track any more market volatility and complex graphs or worry about daily changes in stock prices. Fabits features a simple dashboard that shows you how much your wealth has grown over a period of time. Everything that an average investor needs to know to grow his current savings into wealth,” he said.
The company aims to empower more people financially by bringing them into the ambit of investing, especially the ones sceptical about taking the first steps into investing and in fear of losing their money.
“The idea of setting up Fabits came up when I caught up with friend Jayaprakash Pai, Founder and CEO of WMU India. The baseline of Fabits is ‘begin your good financial habits with Fabits’ from which the name of the Fabits app is coined.
Fabits presents tailor-made baskets crafted by WMU which can be invested in based on one’s goals and investment appetite. The amount of investment starts from ₹5,000 and goes up to ₹75,000 for buying one lot of investment basket.
“We have tested the platform by onboarding a couple of hundred investors which includes NRI’s and are ready for launch,” he said. The Fabits app is available in Playstore and Appstore for aspirant investors to open a investor-cum-demat account.