Bangalore based online financial education company IndianMoney.com, has closed its first institutional funding led by Hyderabad Angels.
The financial terms of the deal have been left undisclosed for now.
Previously it had raised funding Investment from Angel Investors Ravindra Krishnappa and Shekhar Kirani in May 2011.
Indianmoney was founded in 2008 by C S Sudheer, it provide people with all the information that is required before buying any financial product. Thus solving the problem of being misled while buying from an agent or a sales person.
With this it also provide free on-call advice/education also to the people.
As per the company till now it has guided over 4 lakh people to make informed decisions while buying financial products.
The company even claims 15 times increase in its revenue since the last investment.
Ravindra Krishnappa, Director and current investor said, ” Given the tremendous growth in financial independence & individual aspirations, we are confident IndianMoney will live up to it’s name and become a respected & well regarded brand across the nation”.
It plans to use the raised funds for technology development, marketing, branding and also for building infrastructure to facilitate the consistently growing business.
Pradeep Mittal, former head of Magna Infotech’s Indian operations and Srini Koppulu, former managing director of Microsoft India lead this investment of Hyderabad Angels. With this Pradeep also joined the Board of IndianMoney.com.
Hyderabad Angels have also taken part in the recent funding round of online travel portal Thrillophilia.
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