Online mutual fund platform FundsIndia.com receives fresh round of growth funding

July 31, 2012 - PRLog -- Wealth India Financial Services Pvt. Ltd., (WIFS), the promoter of leading online investment services platform FundsIndia.com, announced that it has raised a second round of investment of Rs. 20 crores to support its growth plans. The round was led by Silicon Valley based venture capital firm Foundation Capital with follow-on investments from current investors Inventus Capital Partners. The investment will be used for growing the business both in terms of expanding the customer base and enhancing the online platform with new products and services.

Launched in 2009, FundsIndia.com is a premier online investment services platform that caters to retail investors across the nation and around the world. Best known for its convenient, zero-cost, advanced mutual fund services, the platform also offers direct equity investing, corporate fixed deposits, and the National Pension Scheme.

"We started this business with the belief that technology enabled service delivery is the most cost-efficient model for financial services in India", said C. R. Chandrasekar, CEO of WIFS, "We have been proven correct by both the market as well as the ongoing regulatory climate in the country. 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".

“As a user of FundsIndia, can attest to the clear benefits of choice, convenience and cost. Most customers at FundsIndia are regular, monthly investors as a result” said Parag Dhol of Inventus Advisory Services (India). “This round of funding should enable FundsIndia leapfrog its growth. We look forward to working alongside Chandra, Srikanth and Foundation to create a leading online financial services platform”, he added.

Ashu Garg of Foundation Capital added – “We are excited to be part of the FundsIndia growth story. Participation of the middle class in the Indian capital markets is a win-win proposition, and mutual funds are vital for making that happen. FundsIndia brings tremendous conveniences, cost benefits and an exciting online investment experience to its customers. As their growth track record shows, they are well poised to scale new heights in the coming years.”

Ashu Garg will join the board of directors from Foundation Capital while Parag Dhol from Inventus Advisory Services (India) will continue on the board.

For further information, please write to: contact@fundsindia.com, 044 4344 3100.

About FundsIndia: FundsIndia.com is an online value-added financial services platform created and promoted by Wealth India Financial Services Pvt Ltd., a Chennai based company. They offer mutual funds from 37 AMCs, stocks and ETFs from NSE, fixed deposit products from 7 corporates, and online-enabled NPS services. They are tied up with 31 banks for online transaction facilities. They have customers from all over the country and abroad for their innovative value-added financial services offerings.

About Foundation Capital: Founded in 1995, Foundation Capital is a venture capital firm with a single purpose: building great companies. It is this entrepreneurial spirit along with a deep technical expertise that gives the partners the understanding, perspective, and enthusiasm to help promising companies in their formative stages. Foundation Capital targets innovative opportunities in clean-tech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on-demand services. www.foundationcapital.com

About Inventus Capital Partners: Inventus Capital Partners is a US-India venture firm managed by successful entrepreneurs and industry operating veterans who have guided and financed over 100 entrepreneurs with operations in India and/or Silicon Valley.  Inventus backs entrepreneurs first and foremost.  The companies financed by the Inventus managers over their careers have achieved nearly three dozen successful IPOs or mergers, to date, resulting in the creation of over $30 billion in aggregate wealth and market value for the company founders and shareholders.