[Funding alert] Investing platform Advisorymandi raises $36M from EST Group
Noida-based Advisorymandi, a technology-driven platform in the investing space, has raised funding of $36 million from financial conglomerate EST Group.
Started by Kaushlendra Singh Sengar in 2015, Advisorymandi was conceptualised to solve advisory challenges in the stock market industry. "Investment in stock market requires in-depth research and expertise and retail investors find it very difficult to find the right information and resource at the right time and in absence of this feature they lose their wealth and faith in the stock market," it said in a statement.
The company claims that it has more than 260 SEBI-registered analysts on its platform where they showcase their analytical and skills to solve the advisory gap in the market.
Kaushlendra Singh Sengar, Founder and CEO, Advisorymandi said it had been seen that despite rising rural income and education, access to roads and electricity, and the outstanding growth in the financial introduction, the rate of investments in the securities markets from rural areas was very low.
"The rural households face countless constraints to immune themselves against risks by assembling assets. Lack of awareness on financial securities and savings instruments makes it difficult for them to acquire their risk capital," he said.
“The funds are raised to strengthen our eco-system by integrating multiple stock brokers, insurance brokers, asset management companies and research houses to build a multilingual investment platform starting with Equity, Commodity and Currency assets classes,” Kaushlendra added.
AdvisoryMandi said it had also got into strategic business collaboration with EST Group to create an innovative and new financial ecosystem in the Indian market, and would focus on spreading financial literacy in the country, especially in rural areas.
The company wants to create a new breed of talented and capable investors over the next five years, which will raise standards and awareness within the industry, domestically and globally. The company will also launch a new education arm with a vision to spread financial literacy especially in rural areas, schools, and colleges to create a new breed of smart investors.
Dr Sindhu Bhaskar, Founder and Chairman of EST Group, said EST believes that India's largest asset is its intelligent and educated human capital, and it was important to use this resource extensively by allowing them to innovate in a problem area with the provision of access to required capital.
(Edited by Teja Lele Desai)