Financial services website gets $11M investment to enable wiser investing

Financial services site FundsIndia announced today that it raised US$11 million in series C led by asset management firm Faering Capital. Existing investors Foundation Capital and Inventus Capital Partners also participated in this round.

The fresh funding will be used for marketing. It will also be used to enhance its service offering, especially using mobile platforms.

FundsIndia offers mutual funds from all asset management companies, stocks, and exchange traded funds (ETFs) from Bombay Stock Exchange, fixed deposit products from companies, Reliance MyGold Plan, and other services. It has tied up with 39 banks for online transaction facilities and claims to have customers from all over the country and abroad.

“Over the last six years, we have demonstrated that technology enabled advisory services (robo-advisory) using online platforms is the best way to deliver good financial advice to a lot of people,” said C. R. Chandrasekar, CEO of FundsIndia.com, “This round of funding will further strengthen our efforts towards maximum reach and maximum impact without diluting quality.”

FundsIndia competes with uTrade which specialises in multi-asset trading platforms, algorithmic trading, risk management, and portfolio management solutions. The startup had raised US$800,000 from a Hong Kong-based seed fund.

Faering Capital is a boutique Indian asset management firm, which manages a domestic private equity fund. The firm has developed an ecosystem of leading Indian business leaders and professionals who are investors and advisors to the fund.