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Business Standard raises Rs. 3 Cr seed funding through LetsVenture

ANI  |  New Delhi [India] 

com, an innovative mass market mutual funds investment platform, on Wednesday announced raising a seed funding of Rs. 3 crore through LetsVenture.

With prominent names like MD -and former - Basab Pradhan as major angel investors, the startup has customers across 200 cities and partners in over 15 cities.

Other prominent investors include VivekKhare, at, Debasish Hota, at CompuGain Corporation, USA, Windrose Capital, Bijoy George, at Full Circle Tech LLP, and

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 percent, the industry is poised to continue growing at a steady pace.

"This investment further cements our belief in the model. We are witnessing extremely good response from our target audience and working on expanding our 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," said founder and CEO, com, Anurag Garg.

"has a very strong team that has built and executed businesses before and is looking at getting to the next 500 million through its omni-channel approach to distribution. This makes it a very attractive deal," said founder, LetsVenture, Shanti Mohan.

"The Indian market is ripe for a platform like Nivesh as mutual fund investments are at an inflection point in 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 hand-holding," said Director Strategy, LetsVenture, VivekKhare.

Niveshis an 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 percent of its customers are first time mutual fund investors.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 13:55 IST