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FundsIndia.com raises Rs. 70 crore in Series C round of funding

FundsIndia.com raises Rs. 70 crore in Series C round of funding

Left to right: C.R. Chandrasekar, CEO, and Srikanth Meenakshi, COO, address reporters at the press conference that was held at the Palladium Hotel in Mumbai.

Left to right: C.R. Chandrasekar, CEO, and Srikanth Meenakshi, COO, address reporters at the press conference that was held at the Palladium Hotel in Mumbai.

Chennai based Wealth India Financial Services (WIFS) which runs the award-winning online financial services platform – FundsIndia.com, announced that it has raised a Series C round of investment of Rs. 70 crore to support its growth plans. The round was led by Faering Capital, with follow-on investments from current investors, Foundation Capital and Inventus Capital Partners.

The company will use the investment to widen the reach of its online financial services across the country. It will also be used to enhance its service offering, especially using mobile platforms.

Sameer Shroff and Aditya Parekh of Faering Capital will join the board. Ashu Garg from Foundation Capital and Parag Dhol from Inventus Capital will continue on the board along with the founders.

Launched in 2009, FundsIndia.com is a premier online financial services platform that caters to retail investors across the nation and around the world. Best known for its convenient, zero-cost, automated mutual fund investment services, the platform also offers equity investing, fixed deposits, and other retail financial products.

“Over the last six years, we have demonstrated that technology enabled advisory services (robo-advisory) using online platforms is the best way to deliver good financial advice to a lot of people”, said C. R. Chandrasekar, CEO of FundsIndia.com, “Also, the convenience of online transactions makes FundsIndia a liberating and empowering experience for investors around the country, making it a powerful financial inclusion effort. This round of funding will further strengthen our efforts towards maximum reach and maximum impact without diluting quality”.

Sameer Shroff, co-founder and Managing Director of Faering Capital said: “We are impressed by the platform that FundsIndia has built – enabling consumers across India to access savings and investment products in a low-cost and seamless manner across devices. We are excited to support the team in their next stage of growth.”
Ashu Garg of Foundation Capital added, “FundsIndia.com is on a path to becoming the leading consumer financial services platform in India. As investors in the leading FinTech platforms in the US, including Lending Club, Envestnet, and Financial Engines, we have a unique vantage point on opportunity ahead of FundsIndia, and are excited about supporting the team in this next phase of growth.”

“We have been investors in FundsIndia since 2010 and are particularly impressed by Chandra and Srikanth’s persistence in pursuing their dream (‘Enriching India, one investor at a time’), through thick and thin. This funding round provides them with the necessary resources for the next leap forward.” said Parag Dhol of Inventus Advisory Services (India).

For further information, please write to: contact@fundsindia.com, 044 4344 3100.

About Faering Capital:

Faering Capital is a boutique Indian asset management firm founded by Aditya Parekh and Sameer Shroff. The firm currently manages a domestic private equity fund that aims to capitalize on investment opportunities generated through broad-based consumption-led growth in India. The Faering Capital team leverages its deep sector expertise and networks to identify, and partner with, best-in-class entrepreneurs with a demonstrated track record of governance and become collaborative partners in their growth journey. Faering Capital has developed a unique ecosystem of leading Indian business leaders and professionals who are investors and advisors to the Fund and this lends the firm significant advantages in identifying and evaluating investment opportunities as well as in adding value to its portfolio companies

About Foundation Capital:

Founded in 1995, Foundation Capital is a venture capital firm with a single purpose: building great companies. It is this entrepreneurial spirit along with a deep technical expertise that gives the partners the understanding, perspective, and enthusiasm to help promising companies in their formative stages. Foundation Capital targets innovative opportunities in clean-tech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on-demand services. www.foundationcapital.com

About Inventus Capital Partners:

Inventus Capital Partners is a US-India venture firm managed by successful entrepreneurs and industry operating veterans who have backed over 100 entrepreneurs with operations in India and/or Silicon Valley. Inventus backs entrepreneurs first and foremost. The companies financed by Inventus in India include redBus (acq. Naspers), Insta Health, Vizury, Sokrati, Cbazaar, Savaari, Power2SME, PolicyBazaar, eDreams, Unbxd, Avaz, peel-works, MoveInSync, Sensara and Syscloud. Inventus is currently investing out of Fund-II. More information about Inventus is available at www.inventuscap.com.