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FundsIndia.com raises Rs 3 crore from Inventus Capital Partners

Chennai-based Wealth India Financial Services (WIFS), the promoter of an online investment services platform FundsIndia.com, has raised Rs 3 crore in Series-A investment from Inventus Capital Partners. The company plans to use the investment for expanding its customer base and enhancing the online platform with new products and services. Post investment, Kanwal Rekhi and Parag Dhol have joined the founders on the board of the company.

Chennai-based Wealth India Financial Services (WIFS), the promoter of an online investment services platform FundsIndia.com, has raised Rs 3 crore in Series-A investment from Inventus Capital Partners. The company plans to use the investment for expanding its customer base and enhancing the online platform with new products and services. Post investment, Kanwal Rekhi and Parag Dhol have joined the founders on the board of the company.

FundsIndia.com was launched in June 2009 with its mutual fund services. According to the company, FundsIndia is currently offering mutual funds from 30 AMCs (Asset Management Companies), stocks and ETFs (Exchange Traded Funds) from NSE (National Stock Exchange), fixed deposit products from 6 corporates, and online enabled NPS services. The website also offers tax-filing facility. The company also plans to launch an insurance platform shortly.

“Indian financial services industry is going through a very dynamic phase currently. Recent regulatory changes across the spectrum of the industry have led to a comprehensive re-think of the distribution and delivery models for products and services. Our technology-enabled online platform enables us to offer high-quality services at a low-cost in a scalable manner. We believe this is the model of the future for this industry,” C R Chandrasekar, chief executive officer, FundsIndia.com, has said.

Srikanth Meenakshi, chief operating officer, FundsIndia.com, has added, “This investment enables us to do two things that excite us. First, it enables us to enhance our offering both in terms of additional products as well as creating more innovative value added services across the platform. Second, it lets us introduce FundsIndia to a large audience of people and get them going on the path of investing for their financial future.”

Kanwal Rekhi, managing director, Inventus Capital Partners, has said, “The financial services segment in India provides a large and growing opportunity for a cost-effective solution like FundsIndia.com. The online-only model enables FundsIndia.com to be nimble in a rapidly altering regulatory scenario. In Chandra and Srikanth we see an experienced, driven entrepreneurial duo well poised to address the emerging opportunities. We look forward to working closely with them to create a significant online brand to enable transactions in financial products.”

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