Noida-headquartered stock broking advisor Advisorymandi has raised $36 Mn in a fresh funding round from the EST Group.
The company plans to use the funds to strengthen the ecosystem by integrating multiple stock brokers, insurance brokers, asset management companies, and research houses to build a multilingual investment platform starting with equity, commodity, and currency assets classes.
Founded in 2015 by Kaushlendra Singh Sengar, Advisorymandi is a technology-driven platform in the investing space. It is trying to build a single window multi-asset investment platform. It helps the user through the process of selecting the right investment product according to the risk appetite of users and the expected return is highly simplified by an unparalleled framework.
Sindhu Bhaskar, founder and chairman, EST Group, said, “We believe in the vision and faith of an organization or it’s founder, the finance industry is not just about having a big idea, it is about the insights, knowledge and pragmatic vision of the team. Considering this; we chose to collaborate with Advisorymandi.com.”
The company says that it has more than 260 Securities and Exchange Board of India (SEBI) registered analysts on its platform, which conceptualises solving the challenges of the advisory industry. The company website says that it has more than 5 Mn satisfied users and more than 2 Mn website followers.
“We also provide powerful tools and features to advisors and stockbrokers to assist them in making the right forecast and generating the accurate tips for investors. Accuracy gets rewarded and the ratings of the advisors grow thereby,” Sengar said.
Indian fintech sector is now slowly transforming the personal wealth management space with products ranging across mutual funds, fixed deposits, gold to stock trading and even algorithm trading.
While, the consumer base for traditional stock brokers had always been limited to high networth individuals (HNIs), the new-age digital and direct-to-consumer platforms have enabled both the mass affluent and mass market segments access financial investment advisory and transaction services. Digital platforms accounted for an appreciable 16% of all individual user accounts in FY18. Research firm Deloitte India estimates digital investing (using mobile and web application) to grow at more than double the rate of overall investment in mutual funds. It predicts digital-invested AUM to grow by around 80% from approx INR 250 Bn in 2018 to INR 450 Bn in 2019.
Apart from Indian banks such as Kotak, ICICI, and HDFC, there are some of the online players offering stock broking services. One of the major players being Bengaluru-based Zerodha offers an online platform for brokerage-free equity investments, retail, institutional broking, currencies, and commodities trading.