[Funding alert] Mutual fund investments platform WealthBucket raises $3M in Pre-Series A round
WealthBucket will use the funds to increase its employee strength, expand operations across India, and invest in technology to simplify KYC and investment process.
Delhi-based WealthBucket, which runs an online platform for mutual fund investments, raised $3 million (Rs 18 crore) from NorthStar, angel investor Vinod Khatumal and other HNIs.
WealthBucket was founded by Himanshu Jain and Pulkit Jain in 2018 with an initiative to provide a platform that connects the customers looking to invest in mutual funds. This platform provides investment options including in SIP, Equity Linked Saving Schemes, Lump-sum and other methods of investment.
The founders said in a statement that the fund will be used to increase its employee strength to 100+ and expand its operations PAN India. Along with this, the funds will be used in technology to simplify the KYC and investment process. The startup also plans to enable insurance and investment in stocks via their platform.
“Our aim is to invest this money in building our technology and operational team. We will focus on the underserved segment of the market. That is, the people who are not investing because of the complicated investment process and lack of knowledge,” said Pulkit Jain, co-founder of WealthBucket.
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The startup already has around 300,000 visitors and has processed around 50,000 transactions to date. The company claims to have generated investments worth Rs 150 crore and more than half are investing for the first time. WealthBucket said the application and the investments are free of cost and one doesn’t need a DMAT account to do the same.
This one-year-old startup also plans to leverage its own employee/agent network to introduce MFs to tier II and tier III clients.
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 idea is to provide a model, where the investor can choose through a multitude of investment options. Our experts create low-commission portfolios for retail investors and will strive to make investment a hassle-free experience.”
After the customer submits the online application, WealthBucket’s algorithm connects the investor to the right type of investment (suitable to the needs of the investor).
Himanshu Jain is an alum of ISB Hyderabad and a CFA. He has over 10 years of corporate and consulting experience with McKinsey. Pulkit Jain is a Chartered Accountant with over 10 years of experience. Prior to WealthBucket, the duo founded LegalRaasta, which a team of 150.
(Edited by Saheli Sen Gupta)