FundsIndia.com Promoter Mops Up Rs. 70 crore..!

Chennai-based Wealth India Financial Services (WIFS), which operates the online financials services platform FundsIndia.com, has received Rs. 70 crore in its Series C round of funding. The round was led by Faering Capital, with follow-on investments from current investors Foundation Capital and Inventus Capital Partners.

Mr. Sameer Shroff and Mr. Aditya Parekh of Faering Capital will join the board. Mr. Ashu Garg from Foundation Capital, and Parag Dhol from Inventus Capital, will continue on the board, along with founders Mr. CR Chandrasekar and Mr. Srikanth Meenakshi.

The FundsIndia.com said it will use the investment to widen the reach of its online financial services across the country and enhance its service offerings, particularly on the mobile platform.

Launched in 2009, FundsIndia.com caters to retail investors with its convenient, zero-cost, automated mutual fund (MF) investment services.
It also offers equity investing, fixed deposits (FDs) and other retail financial products. Its holding company had earlier raised Rs. 3 crore and Rs. 10 crore, respectively, in the first 2 rounds of funding.
Mr. Srikanth Meenakshi,
co-Founder and COO, 
FundsIndia.com

Speaking to BL, Mr. Srikanth Meenakshi, co-Founder and COO, said "FundsIndia.com plans to use the funds to also ramp up its marketing initiatives over the next 3 years to gain greater visibility. Our online platform has seen a 125% growth in the number of investors and a 140% growth in assets advised over the past one year."
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