Finzoom Investment Advisors Pvt. Ltd, which operates artificial intelligence-based wealth management venture INDwealth, has secured $12 million (around Rs 87 crore) in its Series C funding round.
The Gurugram-based company is raising the funding from Tiger Global, Steadview Capital, DF International Private Partners, and Tona Investments, multiple media reports said.
Steadview, Tiger Global and DF International are each investing Rs 28.46 crore while Tona Investments is putting in the remaining amount, the reports said, citing filings with the Ministry of Corporate Affairs.
INDwealth was founded by Ashish Kashyap, who was the founder of travel portal Ibibo. The company operates a financial advisory platform that uses AI and machine learning to allow users to manage their investments, liabilities, future cash flows and taxation.
VCCircle has reached out to INDwealth on the details of the investment and will update this report accordingly.
The Series C round comes after the fintech startup secured $15 million (around Rs 107.88 crore) from the US-based Tiger Global in August last year. At the time, Kashyap said the company would use the funds for enhancing its technological infrastructure and research and development.
That investment came after INDwealth raised $30 million (around Rs 219 crore) in seed funding from hedge fund Steadview Capital in October 2018. At the time, the firm said it would commence operations from January 2019.
Kashyap, who was the founder of Ibibo, had exited the firm in September 2017 after online travel portal MakeMyTrip acquired the company in 2016. The company says it has registered itself with the Securities and Exchange Board of India and has also partnered with the Bombay Stock Exchange. It offers its services on the web and through iOS and Android applications.
Deals in the fintech segment
The commitment to INDwealth shows that investors' interest in financial technology is showing no signs of slowing down. Companies in the segment seek to address the growing need for the last-mile delivery of financial services and provide value-added services to consumers across all socio-economic segments.
Earlier this month, escrow-focussed digital payments platform Escrowffrr raised $150,000 (about Rs 1.06 crore) from Inflection Point Ventures, a community of chief financial officers and senior professionals.
Last month, mutual fund investments-focussed startup WealthBucket raised Rs 18 crore ( around $2.52 million) in a pre-Series A funding round. Other players in the online investments segment include Groww, which raised $21.4 million (around Rs 152.5 crore) in a Series B funding round led by Silicon Valley-based venture capital firm Ribbit Capital in September last year.