Mutual fund investment platform Nivesh.com has secured an angel funding round from a group of individual investors.
Those participating in the undisclosed round include Rahul Gupta, CEO of Right Global Infosolution; Sandeep Shroff, former head of investor relations at Infosys and P V Sahad, founder and former CEO of The VCCircle Network.
The Mumbai-based investment platform aims to simplify the process by categorising funds as per broad investment objectives and further curating schemes to provide a shortlist.
Nivesh.com aims to target underpenetrated markets in second and third-tier cities where it expects a growing number of middle class Indians to begin participating in equity markets.
Parent company Providential Advisory Services’ CEO and founder Anurag Garg said: “The amount raised will be used for network expansion, reaching out to more customers, and for improving the investment experience.”
“The mutual fund industry grew 17 times in the last 15 years. However, top five states accounting for only 23% of population and 35% of GDP have contributed 71% of the total mutual fund AUM while the rest of the country with 77% population accounted only for 29% of the AUM.
“There is a huge gap and therefore our mission is to take mutual funds as an investment product to every nook and corner of the country.”
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