Nivesh.com,an innovative mass market mutual funds investment platform,today announced raising a seed funding of INR 3 crorethrough LetsVenture. Google India MD –RajanAnandan and former Infosys Global Sales Head – Basab Pradhan are among the major angel investors in the venture.
Other prominent investors includeVivekKhare, Advisor Corporate Development at Naukri.com, Debasish Hota, CEO at CompuGain Corporation, USA, Windrose Capital, Bijoy George, Partner at Full Circle Tech LLP, and LetsVenture LLC.
The startup which already has customers across 200 cities and business partners in over 15 cities is looking to grow three folds in terms of business in 2018.
Mutual Fund market has grown over three times in the last 5 years from INR 7.01 trillion in March 2013 to INR 23.26 trillion in April 2018.With an extremely low penetration of around 3-4%, the industry is poised to continue growing at a steady pace.
Commenting on the development, Anurag Garg,Founder and CEO,Nivesh.com said,“This investment further cements our belief in the business model. We are witnessing extremely good response from our target audience and working onexpandingour geographical footprints.While enriching the user experience, we will also look at strengthening our distribution network and in enhancing our technology platform to make it more intelligent”.
Commenting on why he decided to invest, Basab Pradhansaid,“Investment in Nivesh.com was an easy decision for me. The founding team has a wealth of experience in both the financial services domain and building technology solutions. I believe India is witnessing a structural shift from physical (real estate, gold) to financial assets. Majority of financial investors, as in other countries, will seek out mutual funds. Nivesh.com is best positioned to take advantageof this coming boom in mutual fund ownership.”
Talking about the investment Shanti Mohan,Founder,LetsVenturesaid, “Nivesh has a very strong team that has built and executed businesses before and is looking at getting financial products to the next 500 Mn through its omni-channel approach to distribution. This makes it a very attractive deal.
VivekKhare, Director Strategy, LetsVenture further added, “The Indian market is ripe for a platform like Nivesh as mutual fund investments are at an inflection point in India. Savings are moving to financial assets and the Indian market is massively under-penetrated. While a lot of current players are focused on already penetrated metros, Nivesh is putting an emphasis on the large markets outside of the big cities where investors need hand-holding.”
Nivesh.com is an India centric solution intended to fundamentally transform lives of millions. Most of its target customers know the importance of savings but struggle in terms of maximizing returns on their savings. 90% of its customers are first time mutual fund investors.
