Wealth Management App WealthTrust Raises Seed Funding

Wealth management app WealthTrust has raised an undisclosed amount of seed funding from India Quotient.

Mumbai-based WealthTrust was founded in September 2015 by Nisarg Gandhi and Jasmin Gohil. While Nisarg was a former ISRO scientist, Jasmin is a tech expert. Currently it has six-member team.

WealthTrust was earlier known as Wealthee. It was a personal finance manager. The team then pivoted it to a Zero Commission wealth manager – WealthTrust. Wealthee was launched on 31st December 2015, while the pivoted product WealthTrust was launched in May 2016.

WealthTrust helps users to manage their wealth and provides an option to invest in over 4000 schemes of mutual funds.

The app is available on Google Play store and has more than 5000 downloads. It claims to have assets worth 2.5 Cr under its wealth management in less than 30 days.

WealthTrust’s premium subscription plan is for INR 99 per month, This plan is free to users for first six months. On subscription of premium plan users can open their investment account for free, manage their portfolio and access features such as ‘Top Funds’ and ‘Smart Savings’.

WealthTrust’s basic plan is free. Users can ‘Switch to Zero commission’ direct plan in via the basic plan and access the financial analyzer service.

This offers a unique benefit of switching an existing portfolio of mutual fund investments to Zero commission ‘Direct Plans’, without any paperwork. Through this an average investor can start saving 1%-1.5% extra every year and increase his wealth by 30% over long term.

The startup will use the newly raised funds to strengthen the team and enhance the product and technology.

Prior to this, in February 2016, Stock market investments platform, Tauro Wealth, has raised an undisclosed amount of seed funding from TracxnLabs and a few angel investors. Other players in this segment include Tipbazaar, Scripbox, Fisdom etc.

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