FundsIndia raises Rs 70 cr, plans to widen online services and go mobile
Online investment platform FundsIndia.com has raised Rs 70 crore from Faering Capital, Foundation Capital and Inventus Capital Partners to fund its expansion plans. The company would use the investment to widen the reach of its online financial services across the country. It would also be utilised to enhance its service offering with special focus on mobile platforms.
Of the total Rs 70 crore investments, the round was led by domestic asset management company Faering Capital followed by FundsIndia.com's current investors - Foundation Capital and Inventus Capital Partners, the company has said. "FundsIndia.com currently has investor base of 70,000 and plans to increase it to over 225,000 by 2016," according to FundsIndia.com CEO CR Chandrasekar.
Launched in 2009, FundsIndia.com known for its, zero-cost, automated mutual fund investment services. The platform also offers equity investing, fixed deposits, and other retail financial products. The company is targeting to increase transactions through mobile platform to nearly 40-45 per cent from current 25 per cent within next one year.
"Over the last six years, we have demonstrated that technology enabled advisory services (robo-advisory) using online platforms is the best way to deliver good financial advice to lot of people. This round of funding will further strengthen our efforts towards maximum reach and maximum impact without diluting quality," the CEO added.
According to PTI, Faering Capital founders Sameer Shroff and Aditya Parekh have been inducted in the board of FundsIndia.com.
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