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.
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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.
The financial advisory portal generates up to 5,000 leads per day, which is in turn disseminated to corporates such as HDFC Life Insurance. Furthermore, it claims to have a community of 13,000 retail brokers and agents who regularly buy leads from IndianMoney.
Speaking about the company’s marketing strategy, founder, MD and CEO C.S. Sudheer stated, “We advertise in a major way in newspapers. We promote awareness through our YouTube channel where we have around 600 videos and use these as a means to acquire customers who get in touch with us either over the phone or through the mobile app.”
The financial advisory platform originally secured an undisclosed amount of angel funding from IAN’s Ravindra Krishnappa and Shekhar Kirani of Accel Partners. Later in October 2013, it reportedly closed another round of funding from Hyderabad Angels.
IndianMoney calls Vertexperts Consulting as one of its backers. Currently, Krishnappa and Magna Infotech co-founder Pradeep Mittal also sit on its board.
An Overview Of SRI Capital
Launched in 2011, SRI Capital is an early-stage VC firm that primarily backs innovative tech startups based in India and the US. The key sectors it focusses on include enterprise software and deep tech.
Startups that are working to capitalise on Digital India and consumer markets are currently favoured by SRI Capital. Additionally, the firm aims to facilitate cross-border innovation in the Indian consumer sector by leveraging its ties with Israel, the Nordics and elsewhere.
Whether IndianMoney is successful in utilising the newly-raised Series A funding from SRI Capital and others to establish a strong presence in the Indian financial advisory market remains to be seen.