Stocks

FundsIndia.com promoter mops up ₹70 crore

Our Bureau Mumbai | Updated on March 12, 2018 Published on June 18, 2015

Will use funds to widen the reach of its online financial services across the country and enhance its service offerings, WIFS said

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.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on June 18, 2015
null
This article is closed for comments.
Please Email the Editor