Founded by Kiran Shah, Manish Jain, Pallav Bhatt, Ashin Shah and Atik Shah, MProfit allows users to aggregate their investment portfolios
The round saw participation from Zerodha’s Rainmatter, Enam, Gruhas, Auxano Capital and Samarthya Investment Advisors
The fintech startup aims to roll out new features including performance reporting, tracking for international assets and API integrations
Mumbai-based portfolio management startup MProfit has raised around $2 Mn in its first-ever round of funding since its inception in 2009. Before the funding round, the startup had been bootstrapped.
The round saw participation from Zerodha’s Rainmatter, ENAM Holdings, Gruhas Proptech, Auxano Capital and Samarthya Investment Advisors.
MProfit plans to fast-track the deployment of new initiatives with the incoming funding. The fintech startup aims to roll out performance reporting, tracking for international assets and API integrations.
Founded by Kiran Shah, Manish Jain, Pallav Bhatt, Ashin Shah and Atik Shah, the portfolio management platform allows users to aggregate their investment portfolios across different asset classes and brokers.
MProfit claims to have support for 700+ stockbrokers for data import, along with the ability to read Mutual Fund CAS statements for automated data import. The platform can import files across formats including PDF, Excel, HTML, CSV, TXT and DBF.
By standardising data from disparate sources, MProfit provides key portfolio insights such as annualised returns (XIRR), asset allocation and capital gains for tax filing.
MProfit’s platform is available for individual investors, HNIs, family offices and wealth management professionals. Investors with a portfolio worth less than INR 50 Lakhs can use the software for free, while the cheapest paid plan starts at INR 200 per month for investors with a portfolio between INR 50 Lakh and INR 1 Cr.
MProfit’s website claims to have more than 200K sign-ups and a customer presence in more than 300 cities across India.
“A key motivation for us to build MProfit is rooted in our belief that in India, the concept of tracking investments as a family is very important. Investors generally like to track not only individual portfolios but also their family’s overall returns in one place”, said Kiran Shah, cofounder and CEO.
“This is a story of sheer grit, determination and perseverance on the part of all the cofounders of the company. We have always been under the radar but with this first fundraise we have some of the most well-respected firms coming on board to provide access and guidance,” added Manish Jain, cofounder and chief, strategic alliances.
Nithin Kamath, founder and CEO of Zerodha and Rainmatter added, “We are happy to partner with MProfit as they are solving the challenge of enabling investors and wealth professionals to track multi-asset investments in one place. Consolidating one’s investment data across platforms can be tedious, and MProfit is helping significantly automate this.”
The startup competes with the likes of Paytm Money, PMS Bazaar, Vivriti Capital, Karvy Fintech and others.
The development was first reported by LiveMint.