Bengaluru-based Suvision Holdings Pvt. Ltd, which runs personal financial advisory portal IndianMoney.com, has raised $3 million (Rs 19.2 crore) led by US-based early-stage venture capital fund SRI Capital.
The funding round also saw participation from the existing investors Hyderabad Angels and others, the company said in a statement.
Founded in 2008 by CS Sudheer, IndianMoney provides free consultation to people looking for expert opinions on matters related to personal finance. It also connects financial intermediaries with consumers interested in financial products through its mobile application ‘Lead Market’.
The eight-year-old fintech firm largely banks on users leaving a missed call on its network to get a call back with information about particular products. The business model involves a referral fee by forwarding consumer requests to financial product or service companies or banks with the consent of the buyer.
The company is backed by Vertexperts Consulting and Hyderabad Angels. Ravindra Krishnappa, founder of seed-stage venture capital fund Erasmic Venture Fund and Pradeep Mittal, co-founder of recruitment firm Magna Infotech, are on its board of directors.
"The company has been a pioneer in empowering the common man with financial education. All you need to do is to leave a missed call on our helpline number and relax. We now educate 18,000 people every day. We provide our consumers unbiased access to over 15,000 retail financial intermediaries," said Sudheer.
SRI Capital is an early-stage venture capital firm focussed on funding innovative startups primarily in India and the US. According to the company’s LinkedIn profile, it is also keen on funding global startups that are looking to enter the Indian consumer market.
"Serving people who have never had the benefit of unbiased financial advice and education will enable over 200 million salaried employees and small businesses to participate in the growth of emerging India,” said Sashi Reddi, managing partner of SRI Capital.
In October 2017, IndianMoney appointed Abhijit Goon, former associate director and chief operating officer of IBM India, as chief operating officer.
In October 2013, it secured an undisclosed amount in funding from Hyderabad Angels. This came after two years since it raised angel funding from IAN’s Ravindra Krishnappa and Accel Partners’ Shekhar Kirani.