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Chennai-based Wealth India Financial Services, which runs the financial services platform FundsIndia.com, has raised a Series C round of investment of ₹70 crore to support its growth plans. Faering Capital led this round, with follow-on investments from existing investors Foundation Capital and Inventus Capital Partners.
The company will use the money to widen the reach of its online financial services across the country. It will also use the money to improve its service offering, especially using mobile platforms.
FundsIndia.com, launched in 2009, is a leading online financial services platform that caters to retail investors. Besides its automated mutual fund investment services, FundsIndia offers equity investing, fixed deposits and other retail financial products.
CR Chandrasekar, CEO, FundsIndia.com, said the money would be used to strengthen FundsIndia’s reach. Sameer Shroff, co-founder and Managing Director, Faering Capital, said the fund was impressed with FundsIndia’s platform that enables customers to access savings and investment products in a low-cost and seamless manner across devices.
Ashu Garg of Foundation Capital said as investors in leading FinTech platforms in the US, Foundation Capital had a vantage point on the opportunity ahead of FundsIndia.
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