Bengaluru-based financial advisory startup IndianMoney has raised $3 Mn (INR 19 Cr) in a Series A funding round led by SRI Capital. The round also saw the participation of existing angel investor Hyderabad Angels.
With the fundraise, IndianMoney is looking to scale up operations and increase its user base. More specifically, the company plans to utilise the newly-secured funding from SRI Capital and existing backers to increase its capacity to 100K phone calls every day.
A portion of the financing will also be spent on creating a marketplace that connects customers with agents. The aim here is to help users make informed decisions when it comes to potential investments.
Commenting on the development, IndianMoney founder and CEO C. S. Sudheer said, “We are trying to bridge the information asymmetry that exists in the country through our consultation programme for retail investors, and in the process, we generate leads for agents, brokers and corporate entities, which is the source of revenue for the company.”
IndianMoney: Offering Financial Advice To 18,000 Customers Daily
Started in 2008, IndianMoney is a financial awareness and education portal that offers free consultation on matters related to personal finance and potential investments. At present, the platform provides these services through phone calls as well as its mobile app called Wealth Doc.
As claimed by Sudheer, IndianMoney receives over 18,000 calls every day from people seeking expert financial advice. The startup’s mobile application currently boasts more than 800K downloads.