MintWalk, a robo-advisory platform for financial solutions, has raised funding from Poshika Financial Ecosystem Pvt. Ltd, an investment platform set up by former chief executive officer of Religare, Shachindra Nath, the firm said in a statement.
It did not disclose financial details of the transaction.
Nath will be associated with the company as chief mentor.
Co-founded by private equity professionals Shiv Nandan Negi and Nikhil Banerjee, MintWalk aims to provide financial solutions to help users reach their goals.
The deal marks the first investment of Poshika Financial. Set up by Nath in 2016, it aims to make a portfolio of financial services ventures with a focus on the fintech space.
Nath was one of the founding team members at Religare and had been associated with the company since 2000. He built various businesses at the financial services firm and led its initial public offering in 2007. He quit Religare in March last year.
“The goal-based approach of MintWalk is simple yet unique and its machine learning and analytical algorithms are strong,” said Nath.
“In a country with single-digit penetration across financial products, we require a different strategy to drive financial adoption. We look at this investment as a validation of our approach,” said Negi who is co-founder at MintWalk.
“Under the guidance of Nath, we aim to capture a sizeable opportunity,” said Banerjee, who is the other co-founder at MintWalk,
An alumnus of Indian Institute of Management Ahmedabad, Negi previously worked with Deutsche Bank. Banerjee is an alumnus of Indian Institute of Management Calcutta.
A robo-advisory platform, MintWalk, which is operated by GetClarity Fintech Services Pvt. Ltd, leverages machine learning techniques and a unique user experience to create a personalised set of life goals for each user. To achieve these goals, it recommends a customised portfolio of mutual funds for the user to invest into.
Available through an app, MintWalk relies on analytics, patterns, transactions and feedback data to upgrade itself and provide relevant user experience. Apart from guidance on investments, it provides periodic review of investments in tune with user’s financial goals. It also suggests course correction or modification in investments. The app is live on Google Play Store.
MintWalk is registered with Association of Mutual Funds of India as a registered intermediary and is a Securities and Exchange Board of India-registered investment advisor.