WealthBucket.in, an online platform for mutual fund investments, has secured INR 18 Cr ($2.4m).
The investment was backed by NorthStar and a number of angel investors. With the fresh equity, the FinTech is looking to extend its technology capabilities to streamline its KYC and investment processes.
Alongside this, the founders are hoping to grow its team to beyond 100 members and enable insurance and investment in stocks through their platform.
Founded in 2018, WealthBucket.in has had 300,000 visitors and processed around 50,000 transactions since it was launched, it claims.
The company offers consumers a mobile app to browse and invest into mutual funds. On the app there are a selection of tools and support which can help a consumer build a portfolio in line with their financial goals.
Plans for the startup also include leveraging its own employee and mutual fund distributor network to introduce MFs to tier II and tier III clients.
WealthBucket.in founder Himanshu Jain said, “Today, every millennial is considering a better proposition of investment to real estate and gold. Mutual funds come on the top of the list. Previously, only high-commissioned shares and mutual funds were sold through financial advisors. Our experts create low-commission portfolios for retail investors and strive to make investment a hassle-free experience.”
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