Nivesh.com, a mutual fund marketplace has raised a seed funding of Rs. 3 crore through LetsVenture along with Google India MD Rajan Ananadan, former Infosys Head Sales Basab Pradhan and others.
The startup has customers across 200 cities and partners over 15 cities and is backed by a clutch of prominent investors that include Debasish Hota, CEO at CompuGain Corporation, Vivek Khare, Advisor Corporate Development at Naukri.com, Windorse Capital and LetsVenture LLC.
Anurag Garg, CEO and founder at 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 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.
The mass investment platform is putting emphasis on the large markets out of the big cities where investors need hand holding. Notably, Lets Venture has invested in a lot of startups in last five years including some prominent names such as Aureus Analytics, PosterGully, Belita, Inkmonk, Ketto and Testbook.com among others.
Additionally, the mutual fund market has witnessed a growth over 3 times the last five years from Rs. 7.01 trillion in March 2013 to Rs. 23.26 trillion in April 2018. Having an extremely low penetration as of now, the industry is expected to continue growing at a steady pace.