Fisdom, an Indian startup helping users to manage their personal finance has raised $500K from prominent names in Indian Startup arena, such as TaxiForSure Co-Founders Raghunandan G & Aprameya Radhakrishna along with CommonFloor CEO Sumit Jain. The funding round also saw participation from Rob Chandra of Avid Park Capital, Wooqer’s CEO Vishal Purohit, JM Financial’s CEO Rajeev Chitrabhanu and Macquarie Capital’s Gaurav Gupta.
Based in Bangalore and founded in September 2015 by Subramanya, Ramganesh Iyer and Anand Dalmia, Fisdom helps users manage their money. It’s one of its kind personal money management app which supports adding your mutual funds as of now. However, the company plans to add more segments in the coming time, such as stocks, bonds and equity products.
“The idea is to provide wealth management to those earning between INR5 lakh to INR50 lakh (US$7,400 to US$74,000), who don’t have access to professional advice on where to invest their money,” Subramanya SV, Co-founder of Fisdom, told the publication.
According to him, India has over $1.35 Trillion in Savings accounts and there’s a big need to provide a solution to manage that. Fisdom is planning to do exactly the same over the coming period of time. By this year end, the startup plans to serve at least 5000 – 1000 customers before they aim for another bigger round to move things on much larger scale.
The raised funds will be used to empower the technology along with getting better with the marketing bit.