Comments
Chennai-based Wealth India Financial Services (WIFS), which operates the online financials services platform FundsIndia.com, has received ₹70 crore in its Series C round of funding. The round was led by Faering Capital, with follow-on investments from current investors Foundation Capital and Inventus Capital Partners.
Sameer Shroff and Aditya Parekh of Faering Capital will join the board. Ashu Garg from Foundation Capital, and Parag Dhol from Inventus Capital, will continue on the board, along with founders CR Chandrasekar and Srikanth Meenakshi.
The company said it will use the investment to widen the reach of its online financial services across the country and enhance its service offerings, particularly on the mobile platform.
Launched in 2009, FundsIndia.com caters to retail investors with its convenient, zero-cost, automated mutual fund investment services.
It also offers equity investing, fixed deposits and other retail financial products. Its holding company had earlier raised ₹3 crore and ₹10 crore, respectively, in the first two rounds of funding.
Speaking to BusinessLine , Srikanth Meenakshi, co-Founder and COO, said the company plans to use the funds to also ramp up its marketing initiatives over the next 18-36 months to gain greater visibility.
He said that their online platform has seen a 125 per cent growth in the number of investors and a 140 per cent growth in assets advised over the past one year.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.