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FundsIndia.com keen to treble customer base

NS Vageesh Mumbai | Updated on January 23, 2018

The company recently completed its third and biggest round of fund raising of about ₹70 cr

FundsIndia.com, a leading online investment platform, has some aggressive growth plans for the next one and a half years. The company plans to treble its current customer base to two lakh from around 70,000 investors during the period. The company has assets under management (AMU) of about ₹1,200 crore.

FundsIndia.com recently completed its third and biggest round of fund raising of about ₹70 crore. It had raised ₹3 crore and ₹20 crore in two earlier rounds. The fresh money raised would be spent on augmenting its web and mobile user interfaces, Srikanth Meenakshi, co-Founder and COO of Wealth India Financial Services Pvt Ltd, which runs the platform, said.

After this is done to a satisfactory level, money would be used for brand building. He anticipated one more round of funding to take place in late 2016.

Asked about diversification plans in terms of moving into other areas, such as insurance or banking, Srikanth said they would prefer to remain focussed on the investment domain. “When there is an opportunity to carve out a niche in the investment space, I think it would be wise for us not to have any overarching ambitions,” he said.

Srikanth said they did, however, have a plan to offer the National Pension Scheme (NPS) on their platform and had applied for a licence to the regulator, PFRDA. NPS was a perfect retirement savings vehicle and tied in with their basic philosophy of encouraging investing for the long term, he said.

Correction

This copy has been modified to correct the name to FundsIndia.com, from Funds India.

Published on August 11, 2015

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