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FundsIndia Raises 3 Crore in Series-A Funding

ST Team
Wednesday, September 8, 2010
ST Team
FundsIndia, an online value-added financial services platform created and promoted by Wealth India Financial Services (WIFS), has raised Rs. 3 crore in Series-A investment from Inventus Capital Partners. The investment will be used for expanding the customer base and augmenting the online platform with new products and services.

FundsIndia.com was launched in June 2009 with its mutual fund services. The company provides tax-filing facility and an online-enabled NPS platform. WIFS was started by two entrepreneurs – C. R. Chandrasekar and Srikanth Meenakshi, in October, 2008.

Providing an insight into the VC interest for the company, Chockanath Chandrasekar, Chief Executive Officer, FundsIndia says, “Our business model is a proven one and the products we are selling are proven ones in the market. No other platform in the country offers the online-only way of selling and the value-added services we offer that and the no charge and free for the customer are our USPs. “
Commenting on the market demand and competition, he says “Our ideal customer is in the 25-50 years age group, has an income of Rs.5 lakh to 30 lakh, online literate, and likes a self-service model in planning and transacting their investments.” He says the main competitors are the big players like ICICI Direct, Sharekhan, IndiaInfoline and such others. He adds that the market size of the company, when putting together the deposit platform and the soon-to-be-launched insurance platform, is 4 crore households today. The CAGR of the industry is approximately 30 percent.

Speaking for Inventus Capital Partners, its
Managing Director Kanwal Rekhi says, “The financial services segment in India provides a large and growing opportunity for a cost-effective solution like FundsIndia.com.” Rekhi will join the founders on the board of the company.

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