Fintech startup INDwealth pulls in Series C funding
Finzoom Investment Advisors Pvt Ltd, which operates artificial intelligence-based wealth management venture INDwealth, has secured $12 million in its Series C funding round.
According to reports, Gurugram-based company, Finzoom Investment is raising the funding from Tiger Global, Steadview Capital, DF International Private Partners and Tona Investments.
Steadview, Tiger Global and DF International are each investing Rs 28.46 crore while, Tona Investments is putting up the remaining amount, the reports said, citing to filings with the Ministry of Corporate Affairs.
The company operates a financial advisory platform that uses AI and machine learning to allow users to manage their investments, liabilities, future cash flows and taxation.
The Series C round comes after the Fintech startup secured $15 million (around Rs 107.88 crore) from US-based Tiger Global in August last year. The company would use the funds for enhancing its technological infrastructure and R&D.
That investment came after INDwealth raised $30 million (around Rs 219 crore) in seed funding from Steadview Capital in 2018. At that time, the firm said it would commence operations from January 2019.
The company says it has registered itself with Securities and Exchange Board of India (SEBI) and has also partnered with Bombay Stock Exchange (BSE). It offers its services on the web and through mobile applications.
The commitment to INDwealth shows that investors' interest in financial technology is showing no signs of slowing down. Companies in the segment seek to address the growing need for the last-mile delivery of financial services and provide value-added services to consumers across all socio-economic segments.
Earlier this month, escrow-focussed digital payments platform Escrowffrr raised $150,000 (about Rs 1.06 crore) from Inflection Point Ventures, a community of chief financial officers and senior professionals.
Other players in the online investments segment include Groww, which raised $21.4 million (around Rs 152.5 crore) in Series B funding round led by Silicon Valley-based venture capital firm Ribbit Capital in September last year.