Fintech platform AssetPlus has announced it has raised $3.6 million. This round of funding was led by Bhupinder Singh of InCred and Nithin Kamath of Rainmatter and also saw participation from Venture Catalysts, Swaroop “Kittu” Kolluri, Amit Nanavati, Kedar Kulkarni, and other angel investors.
The Chennai-headquartered fintech aims to utilize the funding to expand its business and include more financial products on the platform.
Founded by two IIT- Madras graduates, Awanish Raj and Vishranth Suresh, and launched in 2018, AssetPlus focuses on offering digital-first solutions to financial advisors and mutual fund distributors.
The founders aim to streamline the processes of investing in mutual funds by offering a platform with a plethora of features, including multi-portfolio support, unbiased research, digital marketing functionalities, amongo others. By reinventing the traditional approach to handling multiple clients, the platform offers a cost-free lifetime registration to all registered ARN-holders to expand their services to geographies with a single dashboard, it said in a statement.
Awanish Raj, one of the co-founders, said, "We'll be focusing on product development over the next few years. It will be a challenging yet exciting time for our team."
Investor speak
One of the primary investors in this round of funding, Bhupinder Singh, Founder and CEO of the InCred Group, said, "The differentiated nature of their outstanding tech platform sets it up exceptionally well to become a market leader in the B2B2C Wealth space."
Nithin Kamath, CEO of Rainmatter and Zerodha said, "Though the Indian mutual fund industry has grown in terms of AUM, there are just 3.3 crore unique mutual fund investors. If the investor base has to grow, you need lakhs of mutual fund distributors that are growing and thriving. But today, distributors lack the tools and support to grow their businesses, deal with compliance requirements, and support investors. What AssetPlus is building can go a long way in enabling distributors to do more, and we are super excited to join them in this journey."
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