Inventus Capital Partners is investing Rs 3 crore in series A round of Wealth India Financial Services Pvt Ltd, the promoter of online investment services platform FundsIndia.com. The funds would be used by Wealth India for expanding the customer base and enhancing the online platform with new products and services.
Kanwal Rekhi and Parag Dhol from Inventus will join the board of Wealth India.
Launched in June 2009 with its mutual fund services, FundsIndia.com has expanded to offer corporate fixed deposit products and an equity investment platform. They also offer tax-filing facility and an online-enabled NPS platform. The company also plans to launch an
insurance platform shortly.
Wealth India was founded by C R Chandrasekar and Srikanth Meenakshi, who have more than two decades of experience in technology enabled retail financial services.
“Indian financial services industry is going through a very dynamic phase currently. Recent regulatory changes across the spectrum of the industry have led to a comprehensive re-think of the distribution and delivery models for products and services. Our technology-enabled online platform enables us to offer high-quality services at a low-cost in a scalable manner. We believe this is the model of the future for this industry”, said Chandrasekar.
“The financial services segment in India provides a large and growing opportunity for a cost-effective solution like FundsIndia.com. The online-only model enables FundsIndia.com to be nimble in a rapidly altering regulatory scenario,” said Inventus Capital Partners Managing Director Kanwal Rekhi.
Inventus, which has a $51 million fund for early stage companies, has invested in TeliBrahma, Insta Health Solutions and redBus.