Wealth India Financial Services raises Rs 70 cr in Series C funding

Chennai-based Wealth India Financial Services (WIFS), which runs the 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, the company said in a statement.

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 an 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.