Bangalore-based Buildwealth Technologies Pvt. Ltd., which runs investment management portal Wealthy, has raised $250,000 (Rs 1.5 crore) in angel funding from a group of investors including Toppr.com co-founder Zishaan Hayath.
Tracxn Labs founder Abhishek Goyal, Investopad founders Arjun and Rohan Malhotra, CoCubes co-founder Harpreet Singh Grover and Gagan Dugal of Matrix Cellular also put money in this round, Wealthy co-founder Aditya Agarwal told VCCircle.
“I believe more than 70 per cent people still make investments on their own, without taking any financial advice. This is the opportunity we saw and we are trying to change this number,” Agarwal said.
The Wealthy portal allows users to make tax-saving investments and claims to conclude deals in less than three minutes. It lets users invest in equity-linked saving schemes of Axis Mutual Fund and Reliance Mutual Fund.
The company will use the money raised to roll out its mobile app and offer more products including retirement solution plans. It is also looking to launch an advisory-cum-transaction platform for investment advisors.
Agarwal said the company is speaking with other potential investors to raise the next round to invest in technology and scale up its customer base.
The company was founded in September 2015 by Agarwal and Prashant Gupta. Agarwal, an alumnus of IIT Bombay, has previously worked with Monitor Consulting and Evalueserve and founded another online investment platform for real estate called getSquareFeet. He has also been an angel investor, with early-stage investments in Housing.com, Chaayos and OnlineTyari. Gupta is an IIT Madras and IIM Ahmedabad alumnus who has previously worked with Morgan Stanley, Societe Generele and Evalueserve.
In a similar space, Bangalore-based Tauro Investment Advisors Pvt Ltd, which operates online stock market investment platform Tauro Wealth, has secured seed funding from TracxnLabs and a bunch of unnamed angel investors.
Bangalore-based Scripbox.Com India Pvt Ltd, which runs online fin-tech portal Scripbox, raised Rs 16 crore ($2.49 million) in its Series A round of funding from Accel Partners and a group of angel investors in August last year.