Nivesh.com, a Noida-based mutual funds investment platform, has raised $600k (approximately Rs. 4.3 crore) in a seed round of funding.
The round was led by existing investor Windrose Capital, a Pune-based investment firm, along with participation from several other marquee investors.
The start-up will use the capital to grow its customer base and increase its headcount.
Here are more details.
First, a bit about Nivesh.com and its services
Founded in 2016 by Anurag Garg and Sridhar Srinivasan, Nivesh.com is a mass-market mutual funds investment platform which particularly targets micro investors (mostly first-timers) from tier II or tier III cities.
The company, which is is owned and operated by Providential Advisory Services Pvt. Ltd., is said to be growing at an annual rate of 200%.
Mission to take financial products to masses, says CEO
"The repeat investment by Windrose Capital in our latest funding round is a validation of our model and a huge boost in our mission to take financial products to the masses," Anurag, the co-founder and CEO of Nivesh.com, said.
Plan to manage Rs. 10,000 crore-worth assets in 4 years
Now, the company will deploy these funds to expand to new geographies while increasing their customer base. It will also use the funds to scale up its technology and to hire more people.
Talking about future plans, Anurag said that the start-up is growing at 200% annual rate and aims to manage assets of Rs. 10,000 crore in the next four-five years.
Meanwhile, here's a look at the previous investments in Nivesh.com
Prior to this investment, Nivesh.com had received Rs. 3 crore seed funding from LetsVenture and a bunch of angel investors including Rajan Anandan, former Managing Director of Google India, and Basab Pradhan, former Sales Head of Infosys Global, among others.
According to the Crunchbase data, the Noida-based company has received more than $1 million so far.