The founders of FundsIndia -- CR Chandrasekar and Srikanth Meenakshi -- have been ousted by private equity investors over differences on the strategy the company should adopt for its future growth, according to sources.
"There were some differences brewing between the founders and the investors over how the company should shape up in the future. The former were thinking of a more fintech-hybrid model, while investors had some other ideas. The founders tried to stay on, but ultimately had to relent," said sources privy to the development.
Wealth India Financial Services -- which runs the online platform -- said, "Meenakshi ceased to be on the board of directors of the company since February 2018 and was operating in a reduced capacity since then and his departure had been planned for many months."
While Chandrasekhar has also ceased to be an employee of the company, he will continue to serve on its board. Meenakshi served as the chief executive of the company, while Chandrasekhar was the chief operating officer.
On Thursday, the firm announced the elevation of Girirajan Murugan as CEO, who was chief technology officer of company for the last 12 months or so. Suraj Kaeley -- who earlier was group president (sales) for UTI MF -- was appointed as senior advisor.
In 2015, the platform raised Series-C round of investment of Rs 70 crore. The round was led by Faering Capital, with follow-on investments from Foundation Capital and Inventus Capital Partners.
Sameer Shroff and Aditya Parekh of Faering Capital joined the board following the deal. Ashu Garg of Foundation Capital and Parag Dhol of Inventus Capital were already on the board along with the founders.