Evolusolve Technologies Pvt. Ltd, which operates personal finance management app WealthTrust, has raised $500,000 from venture capital firm India Quotient in a pre-Series A funding round.
The Mumbai-headquartered company said in a statement that it plans to use the funds to enhance its products and boost growth.
The funding was facilitated by deals platform LetsVenture.
WealthTrust was set up in September 2015 and introduced its first product, Wealthee, three months later. Wealthee was an SMS-based personal finance mobile application that tracked users’ expenses, bank balance and bill payments using natural language processing.
In May 2016, the firm rebranded Wealthee, changing its name to WealthTrust while offering zero-commission mutual fund investments as its key feature.
“Our custom algorithm for fund selection, developed in-house, takes in more than 70 different data points to highlight consistent out-performers,” said co-founder Nisarg Gandhi, who is also the chief executive officer of WealthTrust.
The company was founded by Gandhi, a former Indian Space Research Organisation (ISRO) scientist and Indian Institute of Technology-Bombay alumnus, and Jasmin Gohil, a graduate of Dharmsinh Desai University.
In July 2016, WealthTrust had raised an undisclosed amount in seed funding from India Quotient.
“As the mutual fund investment market explodes, we see savers and investors wanting more than a mere transaction tool,” Anand Lunia, founding partner of IndiaQuotient, said in a statement.
India Quotient typically comes in as a seed or pre-Series A stage investor in tech startups. Its portfolio includes career consultancy firm Mapmytalent.in, pet products provider DogSpot.in, online rental property service provider Grabhouse, home healthcare startup Care24 and food-tech venture HolaChef.
Wealth management space
Other startups in the wealth management space have also raised funds in recent months.
Last November, Bengaluru-based Finwizard Technology Pvt. Ltd, which runs wealth management app Fisdom, had raised $3.84 million (Rs 25 crore) in a Series B round led by Quona Capital Management Ltd, a venture capital firm that focuses on the fintech sector.
In July, personal finance and wealth management platform Upwardly had raised seed funding from a clutch of investors.
A month before that, Mumbai-based personal finance startup Fincash.com, run by Shepard Technologies Pvt. Ltd, had raised $100,000 (worth Rs 64 lakh at the time) in its first round of funding from a clutch of individual investors.