[India], June 13 (ANI): Nivesh.com, an innovative mass market mutual funds investment platform, on Wednesday announced raising a seed funding of Rs. 3 crore through LetsVenture.
With prominent names like Google India MD -Rajan Anandan and former Infosys Global Sales Head - Basab Pradhan as major angel investors, the startup has customers across 200 cities and business partners in over 15 cities.
Other prominent investors include VivekKhare, 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.
Mutual Fund market has grown over three times in the last five years from Rs. 7.01 trillion in March 2013 to Rs. 23.26 trillion in April 2018.With an extremely low penetration of around 3-4 percent, the industry is poised to continue growing at a steady pace.
"This investment further cements our belief in the business model. We are witnessing extremely good response from our target audience and working on expanding our 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," said founder and CEO, Nivesh.com, Anurag Garg.
"Nivesh has a very strong team that has built and executed businesses before and is looking at getting financial products to the next 500 million through its omni-channel approach to distribution. This makes it a very attractive deal," said founder, LetsVenture, Shanti Mohan.
"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," said Director Strategy, LetsVenture, VivekKhare.
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 percent of its customers are first time mutual fund investors. (ANI)