Nodia, India-based Nivesh, a mass market mutual funds investment platform, has raised $444,000 in seed funding.
LetsVenture led the financing, with Vivek Khare, advisor corporate development at Naukri.com, Debasish Hota, CEO at CompuGain Corporation, Windrose Capital, and Bijoy George, partner at Full Circle Tech, also participating.
The startup which already has customers across 200 cities and business partners in over 15 cities. However, the capital the company is looking to grow three folds in terms of business in 2018.
Vivek Khare, director strategy, LetsVenture said, “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.”
Nivesh provides a paperless experience for the investor, with its platform simplifying the process by categorising funds as per broad investment objectives, and further curating schemes to provide a shortlist.
The aim is to take away the complexity while ensuring objective investment process. After initial account creation, investors can transact in mutual funds in few simple steps. Post transaction, the platform helps in tracking the portfolio performance with timely alerts and notifications.
Nivesh was founded in 2016 by industry veterans Anurag Garg and Sridhar Srinivasan. Prior to starting Nivesh.com, Garg had co-founded mutualfundsindia.com, which was acquired by rating agency ICRA, while Srinivasan helmed the India unit of investment research platform Visible Alpha.
Anurag Garg, founder and CEO, added, “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”.
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