Chennai-based Wealth India Financial Services
(WIFS), which operates the online financials services platform FundsIndia.com,
has received Rs. 70 crore in its Series C round of funding. The round was led
by Faering Capital, with follow-on investments from current investors
Foundation Capital and Inventus Capital Partners.
Mr. Sameer Shroff and Mr. Aditya Parekh of
Faering Capital will join the board. Mr. Ashu Garg from Foundation Capital, and
Parag Dhol from Inventus Capital, will continue on the board, along with
founders Mr. CR Chandrasekar and Mr. Srikanth Meenakshi.
The FundsIndia.com said it will use the investment to widen the reach of its online financial
services across the country and enhance its service offerings, particularly on
the mobile platform.
Launched in 2009, FundsIndia.com caters to retail
investors with its convenient, zero-cost, automated mutual fund (MF) investment
services.
It also offers equity investing, fixed deposits
(FDs) and other retail financial products. Its holding company had earlier
raised Rs. 3 crore and Rs. 10 crore, respectively, in the first 2 rounds of
funding.
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| Mr. Srikanth Meenakshi, co-Founder and COO, FundsIndia.com |
Speaking to BL, Mr. Srikanth Meenakshi,
co-Founder and COO, said "FundsIndia.com plans to use the funds to also ramp up its marketing initiatives over the
next 3 years to gain greater visibility. Our online platform has seen a 125%
growth in the number of investors and a 140% growth in assets advised over the
past one year."
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