Advisorymandi.com raises USD 36 mn from EST Group

Stock market advisory portal Advisorymandi.com on Thursday said it has raised USD 36 million (about Rs 250 crore) from Switzerland-based EST Group.

EST Group is a financial conglomerate that provides financial advisory, asset management, semi-banking operations, custodial, clearing and settlement and security issuance services.

"The funds are raised to strengthen our eco-system by integrating multiple stock brokers, insurance brokers, asset management companies and research houses to build a multilingual investment platform starting with equity, commodity and currency assets classes," Kaushlendra Singh Sengar, founder of the firm, said.

Advisorymandi plans to set up a multilingual trading platform by March 2020 for better understanding of the complex market for the entry level investors and regional users. This will help the firm connect with rural masses like farmers and provide advice in matters related to savings from experts, he added.

The stock market advisory portal has over 260 analysts registered with the Securities and Exchange Board of India.

The partnership between Advisorymandi and EST is aimed at "developing fintech ecosystem in India", EST Group Chairman and founder Sindhu Bhaskar said here.

"It has been seen that despite the rising rural income and education, access to roads and electricity, and the outstanding growth in the financial introduction, the rate of investments in the securities markets from the rural areas has been very low as they face countless constraints to immune themselves against risks by assembling assets," Sengar noted.

The financial ecosystem will resolve the problems of all participants in the industry, ranging from investors and stockbrokers to research houses.

Advisorymandi.com intends to create a new breed of talented and capable investors over the next five years which will raise the standards and awareness within the industry, both domestically and globally, officials of the advisory portal said here at an event.