FundsIndia Raises Another Round Of Funding

Promoters of FundsIndia.com, Wealth India Financial Services raised R20 Cr in a second round of investment.

Foundation Capital invested around 75% and the remaining was invested by existing investor in the company Inventus Capital. The funds are proposed to be used for expanding the customer base and enhancing the online platform with new products and services.

The company had received R3 Cr in Series A funding from Inventus Capital Partners in August 2010 — acquiring a 25% stake then.

Wealth India Financial was founded by C R Chandrasekar and Srikanth Meenakshi in 2008, who have more than two decades of experience in technology enabled retail financial services. The company provides online investment services for customers in India and internationally. It offers an online platform for investments in mutual funds, equities, and corporate deposits, equity investment platform.

Significant peers of the company can be seen in MyUniverse — a Aditya Birla Money company, investmentyogi.com and myiris.com to name a few.

Last year, Policybazaar.com — insurance aggregator portal raised R40 Cr from Intel Capital and Info Edge in April and Bankbazaar.com — a portal that enables consumers to compare and contrast the interest rates on various loans offered by different banks in India, raised second round of funding of $6 Mn from Walden International in March.

As of 2009, the online financial services contributed about 8% of the total market size of e-commerce in India and kept growing at the rate of 30% over the next couple of years.