Founded by C R Chandrasekar and Srikanth Meenakshi in 2008, Chennai-based Wealth India Financial Services Pvt Ltd (WIFS), which focuses on mutual funds FundsIndia.com, has raised $11 million in its Series C round of funding. The investment has been led by Faering Capital, with with participation from existing investors Foundation Capital and Inventus Capital Partners.
The raised amount would be channelized towards widening the company’s reach as well as range of online services across the country, especially through its mobile strategy.
The deal states that Sameer Shroff and Aditya Parekh of Faering Capital will join the board of FundsIndia. Ashu Garg from Foundation Capital and Parag Dhol from Inventus Capital would continue on the board along with the founders.
WIFS is an online investment services platform caters to retail investors for investments in mutual funds, equities, and corporate deposits, equity investment platform. The company has tie-ups with with 39 banks for online transaction facilities.
Commenting on the deal, the company’s CEO, Chandrasekhar stated, “Over the last six years, we have demonstrated that technology enabled advisory services (robo-advisory) using online platforms is the best way to deliver financial advice to a lot of people. This round of funding will strengthen our efforts towards maximum reach and impact without diluting quality.”
On the same subject, Sameer Shroff, Co-founder and MD, Faering Capital commented- “We are impressed by the platform that FundsIndia has built – enabling consumers across India to access savings and investment products in a low-cost and seamless manner across devices.”
In July 2012, the company had raised Rs 20 crore ($3.6 million) in Series B round of funding led by Silicon Valley-based venture capital firm Foundation Capital along with Inventus Capital, reports VCCircle.