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FundsIndia.com raises Rs 20 crore Series B lead by Foundation Capital

Wealth India Financial Services, which runs
FundsIndia.com, has raised Rs 20 crore in a second round investment. FundsIndia.com
is an online financial services transaction platform for retail customers
focusing on mutual funds. The Silicon Valley-based venture capital firm
Foundation Capital has invested nearly 75 per cent of the fresh investment. The

Wealth India Financial Services, which runs
FundsIndia.com, has raised Rs 20 crore in a second round investment. FundsIndia.com
is an online financial services transaction platform for retail customers
focusing on mutual funds. The Silicon Valley-based venture capital firm
Foundation Capital has invested nearly 75 per cent of the fresh investment. The
balance amount was a follow up investment from the current investors Inventus
Capital.

The investment will be used to grow the
business both in terms of expanding the customer base and enhancing the online
platform with new products and services, said the company’s CEO, C.R.
Chandrasekar.

In August 2010, Inventus Capital invested
Rs 3 Crore In FundsIndia. Kanwal Rekhi and Parag Dhol from Inventus Capital
joined FundsIndia’s board. FundsIndia.com was launched in June 2009 with its
mutual fund services. Subsequently, it enhanced the platform 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.

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