Stock broking advisory firm AdvisoryMandi.com Ltd has raised $36 million (Rs 258.83 crore at current exchange rates) in funding from the Switzerland-based EST Capital, a statement from the company said.
AdvisoryMandi founder Kaushlendra Singh Sengar said the company will use the funds to strengthen its ecosystem through integrating multiple stock brokers, insurance brokers, asset management companies and research houses to build a multilingual investment platform.
He said the firm will start the process with equity, commodity and currency assets classes.
Separately, EST Group founder and chairman Sindhu Bhaskar said it was confident in its investment because of AdvisoryMandi’s pragmatic approach to the space. “India’s largest asset is its intelligent and educated Human Capital and it is important to use this resource extensively by allowing them to innovate in a problem area with the provision of access to required capital,” he said.
AdvisoryMandi was founded in 2015, and has over 260 analysts registered with the Securities and Exchange Board of India that provide their services to users of its platform, according to its website.
The Noida-based startup says it provides investors with a simple process to select the analyst of their choice, and also provides a mobile app to allow them to contact their advisor on-the-go. The firm also provides services such as daily, weekly and monthly reports and real-time chat.
EST Capital says it is an intermediary between traditional finance and emerging digital trends, and that it has an expertise in diverse financial instruments, with the capability to combine and customise investment opportunities for its clients.
Deals in the investment segment
Deals in the investment segment have picked up lately, although they have tended to focus on the family office and advisory domain.
Last month, US-based Tiger Global invested $15 million (around Rs 107.88 crore) in INDwealth, an artificial intelligence-based wealth management venture founded by Ibibo founder Ashish Kashyap.
In July, incubation and accelerator platform Venture Catalysts invested an undisclosed sum of money in Vested, an investment platform enabling Indian investors to invest in the US stock market. The investment was part of Vested Finance Inc.’s pre-seed round, with the company using the funds to launch its product in India.