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Fisdom, a Bangalore-based personal finance startup, has raised about $500K (INR 3.4 Cr) from angel investors, including Raghunandan G and Aprameya Radhakrishna (Taxiforsure co-founders) and Sumit Jain (Commonfloor co-founder).
Other investors that participated in the round were Rob Chandra (CEO, Avid Park Capital), Wooqer’s Vishal Purohit, Rajeev Chitrabhanu (JM Financial CEO) and Gaurav Gupta, among others.
The funding will be used to build new products and expand its team.
Founded in 2015 by Subramanya S.V., Ramganesh Iyer and Anand Dalmia, Fisdom, is an automated investment service provider that manages a personalised online investment account for its customers. It also provides personalised investment recommendations.
Subramanya said, “The idea is to provide wealth management to those earning between Rs 5 lakh to Rs 50 lakh, who don’t have access to professional advice on where to investment their money.”
The company currently invests in mutual funds and plans to add other options like bonds etc. in future. It plans to monetise by charging commission from financial services companies and mutual funds. Fisdom is targeting to bring over 5,000 customers on-board by the end of 2016. It also has an Android app and soon plans to launch an iOS app.
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