App and web based investment management platform, Tavaga, has raised an undisclosed amount in seed-round from angels through TracxnSyndicate, reports ET. Investor Ashish Goenka, Chairman and Managing Director of Suashish Diamonds, will be joining the board of Tavaga.
Mumbai-based Tavaga enables retail investors to access technology, processes, advice and investment products by providing a personalised, innovative technology interface between the two. It is targeting the age group of 25 to 35-year olds by gamifying the process of risk assessment and investment decision-making.
Founded by IIT – Bombay alumni, Ravinath Dasika, Arijit Sarkar and Sridhar Eaturu and Niharika Rao, the startup is currently testing the first release of their product, and has customers who have committed assets of over $767k (INR5 Cr) for management. The product is expected to launch in December.
Ravi Dasika, co-founder of Tavaga who has worked with Credit Suisse and Deutsche Bank as hedge fund and portfolio manager stated, “When I was looking to invest my own savings, I found a complete lack of intelligent options. Mutual Funds overcharge for a one-size-fits-all product. Professional portfolio managers were inaccessible for my level of investment. There was a clear gap in the industry, which led to the conception of Tavaga.”
Ashish Goenka stated, “Tavaga is offering a valuable alternative to Mutual Funds to investors. They have a strong vision and the right team to execute it and are building a product that even I would use.”
TracxnSyndicate is an online angel network launched by Tracxn Labs in July 2015, to help startups raise funding from value-added angels. It has over 500 Angel investors and has helped 8 startups raise their seed round so far. This month, Traxcn Labs along with Gurgaon based logistics startup, Delhivery, made an investment of over $5 Mn in logistics services startup Parcelled.
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