Bangalore-based personal finance startup, Fisdom which is backed by Finwizard Technology, has raised Rs 3.4 crore from a group of angel investors including Taxiforsure Co-Founders Raghunandan G and Aprameya Radhakrishna as well as realty portal Commonfloor’s Sumit Jain. The startup will use the funding to build new products and increase the size of its team.
Other investors who participated in the round include Forbes Midas list VC Rob Chandra, Wooqer’s Vishal Purohit and executives from the financial services industry like JM Financial CEO Rajeev Chitrabhanu and Macquarie’s Gaurav Gupta.
Fisdom was founded by former managing director of venture capital firm Bessemer Venture, Subramanya S.V; Ramganesh Iyer, who earlier co-founded PARK Financial Advisors (acquired by brokerage Karvy) and former Macquarie investment banker Anand Dalmia. It is an advisory and transaction platform for personal finance which was started with mutual funds and is targeting 5,000 investing customers by end of the year.
Policybazaar and BankBazaar are also operating in the same segment. In June 2015, Chennai-based financial service provider, FundsIndia which focuses on mutual funds, raised $11 million in its series C round of funding led by Faering Capital, with participation from existing investors Foundation Capital and Inventus Capital Partners. And, in August, Bangalore based financial technology startup Scripbox raised a series A funding of $2.49 million from Accel Partners and a group of angel investors.