FundsIndia secures funds from existing investors for $11 million. Chennai based Wealth India Financial Services P Ltd owns and operates financial services transaction platform FundsIndia.com. The company is in forefront of a generational shift in financial services delivery in the country. FundsIndia is the first online platform specifically designed for investment in mutual funds. Apart from these facilities they provide tax filing facility and an online enabled NPS platform.
FundsIndia is the first company to launch trigger based investing across all mutual funds in India. An investor can trigger their investments based on certain criteria’s like performance of the SENSEX, NAV of a particular funds, returns generated by their portfolio. Apart from this the company offers first financial services platform called Value Averaging investment plan. VIP is dynamic plan when the markets are low, investors can invest more, and less when the markets are high.
Apart from these services FundsIndia offers SIP (Systematic Investment Plan), Step Up SIP’s, Alert SIP’s, Portfolio SIP’s and ETF tagged SIP’s. FundsIndia offers mutual funds of 38 AMC’s, stocks and ETF’s from National Stock Exchange, fixed deposit products from corporates. The company has tied with 33 banks for online transaction facilities. FundsIndia has customers from all over the country and abroad who prefer the company for their innovative value added financial services offerings.
FundsIndia.com was founded by two entrepreneurs CR Chandrasekar and Srikanth Meenakshi in 2009. CR Chandrasekar is well known entrepreneur, co founder and director of the company. He has graduated in Master of Computer Application from University of Hyderabad in 1990. Chandrasekar went on to do his Master of Science from Virginia Polytechnic Institute and State University in 1992.
He started his career as Senior Software Engineer in MicroStrategy Inc in 1993. He was part of the startup team at the company. He worked for 22 months moved out of the company in October 1994. Chandrasekar joined Morgan Stanley as senior associate – equity research in October 1994. He worked for 2.9 years in the company and in June 1997 he became Director of CIBC – Index Arb Desk, had a brief stint of 11 months with the company.
In April 1998 Chandrasekar became Director of Copeland Companies, Travellers Group. After 16 months of service he co founded Expertplan Inc in June 1999. He was Chief Technology Officer, Vice President of Expertplan. He also co founded Arrowpoint Technologies in 2003. He was director of the company. In 2009 Chandrasekar co founded FundsIndia along with his roommate during MCA days Srikanth Meenakshi.
Srikanth Meenakshi is the co founder and Director of FundsIndia.com. He has graduated in Bachelor of Science in Mathematics from Sri Sathya Sai Institute of Higher Learning in 1989. He went on to do his Masters of Computer Applications from University of Hyderabad in 1992. In this period he was awarded Gold Medal for his academics and he won President of India’s Gold medal for his overall excellence. He also did Masters of Science in Computer Science from Oregon Health and Science University in 1994.
In 1994 Srikanth started his career as software engineer in IBM. He worked with IBM for 5 years and became system architect in Foliofn in October 1999. After stint of 3.7 years he moved out of the company and joined Fannie Mae as Senior Software developer in 2003. He worked with Mortgage Company for 7.5 years and he left the company as senior project manager in 2008. He joined CR Chandrasekar for his venture FundsIndia.com
The company secured their Series ‘A’ funds of Rs. 3 crores from Inventus Capital in August 2010. FundsIndia utilised these funds to expand their customer base and introduced several new products and services in the market. As part of the deal Parag Dhol, Managing Director of Inventus Capital joined the board of FundsIndia.
FundsIndia raised their Series ‘B’ funding in July 2012 for $3.6 million led by Silicon Valley based venture capital firm Foundation Capital and existing investor Inventus Capital. On 18 June, 2015 they secured Series ‘C’ funding from existing investors and Faering Capital.
After funding CR Chandrasekar, Chief Executive Officer of FundsIndia.com said “Over the last six years, we have demonstrated that technology enabled advisory services using online platforms is the best way to deliver financial advice to a lot of people. This round of funding will strengthen our efforts towards maximum reach and impact without diluting quality.”
Sameer Shroff, Co Founder and Managing Director of Faering Capital said “We are impressed by the platform that FundsIndia has built – enabling consumers across India to access savings and investment products in a low-cost and seamless manner across devices.” As part of the deal Sameer Shroff and Aditya Parekh of Faering Capital will join the company’s board. Ashu Garg from Foundation Capital and Parag Dhol who had joined earlier as board members will continue in the board of the company.
FundsIndia operates two verticals – one targeting B2C and other one targeting B2B. In B2C platform they reach out the customers directly and in B2B they operate as sub brokers. FundsIndia generates revenue through commission earning. They have managed total assets under advisory of Rs.1,200+ crores. Out of these Rs. 400 crores are generated through B2B sub brokers vertical and remaining is generated from B2C platform.