The promoters of online investment services platform FundsIndia.com, Wealth India Financial Services have raised Rs. 20 crores from the existing as well as new investors. The company said that the proposal for the fund raising was led by venture firm Foundation Capital with follow on investments from current investors Inventus Capital.
The company said, “The investment will be used for growing the business both in terms of expanding the customer base and enhancing the online platform”. C R Chandrashekhar the WIFS CEO said, “This round of funding empowers us to expand our vision both in terms of the market reach as well as the depth of our services…”.
He added that this funding will enable FundIndia leapfrog its growth. Ashu Garg, the Foundation Capital Member said, “We are excited to be part of the FundsIndia growth story. FundsIndia brings tremendous conveniences, cost benefits and an exciting online investment experience to its customers”.
After the infusion of the funds from Foundation Capital Garg will include join Inventus Advisory Services India Parag Dhol in the board of directors of FundsIndia, It offers mutual funds and fixed deposit products. They are also tied up with about 31 banks for providing online transaction facilities.