Nivesh.com receives Rs.3 crore Seed Funding
Nivesh.com has announced raising a seed funding of Rs.3 crore through LetsVenture. Google India MD Rajan Anandan and former Infosys Global Sales Head Basab Pradhan are among the major angel investors in the venture.
Other prominent investors include Vivek Khare, Advisor Corporate Development at Naukri.com; Debasish Hota, CEO at CompuGain Corporation, USA, Windrose Capital; Bijoy George, Partner at Full Circle Tech LLP, and LetsVenture LLC.
Anurag Garg, Founder & CEO, Nivesh.com, said, “This investment further cements our belief in the business model. We are witnessing extremely good response from our target audience and working onexpandingour geographical footprints. While enriching the user experience, we will also look at strengthening our distribution network and in enhancing our technology platform to make it more intelligent.”
The startup which already has customers across 200 cities and business partners in over 15 cities is looking to grow three-fold in terms of business in 2018.
Mutual Fund market has grown over three times in the last five years from Rs.7.01 trillion in March 2013 to Rs.23.26 trillion in April 2018. With an extremely low penetration of around 3-4%, the industry is poised to continue growing at a steady pace.
Talking about the investment, Shanti Mohan, Founder, LetsVenture, said, “Nivesh has a very strong team that has built and executed businesses before and is looking at getting financial products to the next 500 million through its omnichannel approach to distribution. This makes it a very attractive deal.”
Vivek Khare, Director – Strategy, LetsVenture, added, “The Indian market is ripe for a platform like Nivesh as mutual fund investments are at an inflection point in India. Savings are moving to financial assets and the Indian market is massively under-penetrated. While a lot of current players are focused on already penetrated metros, Nivesh is putting an emphasis on the large markets outside of the big cities where investors need handholding.”
Nivesh.com is an India-centric solution intended to fundamentally transform lives of millions. Most of its target customers know the importance of savings but struggle in terms of maximizing returns on their savings. 90% of its customers are first-time mutual fund investors.