FundsIndia said that Westbridge Capital’s investment in the company, coupled with its expertise and network, will enable the former to significantly enhance its investment offerings
FundsIndia provides users access to mutual funds from various fund houses in the country, stocks from the BSE and NSE, corporate fixed deposits, and various other investment products
FundsIndia, which has raised a total funding of $16.6 Mn till date, currently claims to have 25 Lakh customers and over 10,000 Cr of assets under management
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US-based investment firm Westbridge Capital has reportedly picked a majority stake in digital investment platform FundsIndia for an undisclosed amount.
FundsIndia, in a statement, said that Westbridge Capital’s investment in the company, coupled with its expertise and network, will enable the former to significantly enhance its investment offerings and pursue expansion plans to further strengthen its position as one of the most trusted financial services brands in India.
Inc42 has reached out to FundsIndia for more information on the deal. The story will be updated on receiving a response from the company.
Founded in 2009, FundsIndia provides users access to mutual funds from various fund houses in the country, stocks from the BSE and NSE, corporate fixed deposits, and various other investment products. As per publicly available data, FundsIndia has raised a total of $16.6 Mn in funding till date.
The company currently claims to have 25 Lakh customers and over 10,000 Cr of assets under management.
On the other hand, Westbridge Capital manages over INR 62,000 Cr of capital across its investment funds, FundsIndia said. Since 2000, WestBridge has made over 150 investments in private and public businesses across India and South Asia.
DealShare, Third Wave Coffee, PhysicsWallah, LeadSquared, Adda247, Bijnis and publicly-listed Freshworks are among the Indian startups in WestBridge’s portfolio.
Meanwhile, FundsIndia also announced that Manish Gadhvi has joined the platform as chief executive officer of its B2B partner business.
Prior to this, Gadhvi reportedly spent over 20 years with NJ India in various roles. He has helped about 12,000 B2B partners build their businesses and reach a scale of INR 50,000 Cr in AUM, FundsIndia said, as per the report.
The platform is now reportedly looking to build a pan-India omnichannel experience to support independent financial advisors (IFAs) and their institutional partners.
Earlier this year, Mirae Asset Financial Services signed an agreement with FundsIndia to provide loans against securities.
As per Inc42’s ‘State Of The Indian Fintech Report Q2 2023’, the investment tech market is the fastest growing sub-segment in the broader fintech ecosystem. It is expected to grow to a size of $74 Bn in 2030 from $9.2 Bn in 2022, clocking a 30% CAGR.
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