Mutual funds investment marketplace, Nivesh.com announced on Friday, that it has raised $600,000 led by Windrose Capital's The Next Billion Fund, with participation from other marquee investors as well.
According to the founders, Nivesh.com expects to attract talent and accelerate growth with the recent fund raise. The marketplace will also utilise the freshly raised funds to improve its tech platform and build infrastructure.
Rohit Goyal, Managing Partner of Windrose Capital said:
"We are very optimistic about the Indian economy over a long-term horizon and strongly believe that financial inclusion will be fuelling this growth along with a few other critical sectors. By helping small investors, safely and transparently invest in a wide variety of regulated financial instruments, Nivesh.com is building a trustworthy ecosystem for first-time investors."
He added, "This infrastructure will allow for India’s next billion to become active contributors and participants of the growing economy. Backing the company is symbolic of our conviction in the founding team and their vision. We will continue to enable them through this journey and collectively drive the positive impact on the overlooked populations."
Run by Noida-based Providential Advisory Services Pvt. Ltd, Nivesh.com was founded in 2016 by industry veterans Anurag Garg and Sridhar Srinivasan.
In a statement, Anurag said,
"The 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. We have seen that people want to invest in products like mutual funds, but don't know how to go ahead. We, at Nivesh.com, are solving this problem by enabling financial advisors to sell the right products through the platform. We are currently growing at 200 percent annually but are on track to accelerate the growth, and aim to manage assets of Rs 10,000 crore in the next four to five years."
Nivesh.com serves marginal investors from Tier II and Tier III cities with limited or no access to formal public financial markets, and employs a network of independent agents in those cities. At present, the marketplace manages an AUM of over Rs 100 crore.
Previously in 2018, Nivesh.com raised a seed funding of Rs 3 crore through LetsVenture along with former Google India MD Rajan Anandan, and former Infosys Global Sales Head Basab Pradhan, among other major angel investors.
Other prominent investors included Vivek Khare, Advisor Corporate Development at Naukri.com; Debasish Hota, CEO at CompuGain Corporation, USA; Windrose Capital; Bijoy George, Partner at Full Circle Tech LLP; and LetsVenture LLC.
(Edited by Saheli Sen Gupta)
[The F Word] Nivesh.com raises Rs 3 Cr in seed funding from Google India MD Rajan Anandan and others