Wealth India Financial raises Rs 20 crore for expansion plans

CHENNAI: Wealth India Financial Services, promoters of online investment services platform FundsIndia.com, has raised Rs 20 crore from existing as well as new investors.

The company said the proposal for fund raising was led by venture capital firm Foundation Capital with follow on investments from current investors Inventus Capital.

"The investment will be used for growing the business both in terms of expanding the customer base and enhancing the online platform," it 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...," WIFS CEO C R Chandrasekar said. This funding would enable FundsIndia "leapfrog" its growth, he added.

"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," Foundation Capital Member Ashu Garg said.

Post infusion of the funds from Foundation Capital, Garg would join Inventus Partner services (India) Parag Dhol in the board the board of directors of FundsIndia.FundsIndia offers mutual funds and fixed deposit products.

They are tied-up with 31 banks for providing online transaction facilities.