Wealth India raises Rs.20 Crores in Series B Funding
Date: Sunday , September 02, 2012
Chennai based Wealth India Financial Services, promoters of FundsIndia.com, an online investment services platform has raised ` 20 crore in its round B of funding. This second round of funding was led by Foundation Capital, a U.S based Venture Capitalist Company. Other participants in this round of funding were Inventus Capital, their existing investors.
Started by Srikanth Meenakshi in 2008, FundsIndia.com is an online investment service platform that caters to retail investors across the nation and around the world. The company helps investors in investing in a variety of products for the medium to long-term financial needs and goals. They provide mutual funds, equities, and fixed deposits to their customers.
The company is looking at enhancing its customer base along with its online performance. "This round of funding empowers us to expand our vision both in terms of the market reach as well as the depth of our services," says C R Chandrasekar, CEO, WIFS.
Ashu Garg, from Foundation Capital will join the board of FundsIndia.com as a part of the transaction and Parag Dhol from Inventus Capital will continue his term on board.“We are excited to be part of the FundsIndia growth story. Participation of the middle class in the Indian capital markets is a win-win proposition, and mutual funds are vital for making that happen. FundsIndia brings tremendous conveniences, cost benefits and an exciting online investment experience to its customers. As their growth track record shows, they are well poised to scale new heights in the coming years." says Ashu Garg, General Partner, Foundation Capital.
The company during its incubation period had pooled in almost 75 percent of seed capital and the rest was invested by Inventus Capital. This existing investor had put in `20 crores when the company was initiated.