Alphafront Finserv Pvt Ltd, which runs an online investment management firm Goalwise, has raised around $1 million of angel funding from undisclosed high-net-worth individuals (HNIs) in India.
This is the first external funding raised by Bangalore-based company. The deal was closed in April, Swapnil Bhasker, co-founder of the company told DEALSTREETASIA.
The company plans to use the funding to scale up technology & analytics and for expansion plans.
Goalwise guides people to make wiser investment decisions for earning higher returns. The startup through its investment framework tracks user’ goal path, switches to better performing mutual funds, rebalances (equity to debt) portfolio along with goal path to minimise risk and optimise returns.
Goalwise was founded by IIT Kanpur alumni Swapnil Bhaskar & Ankur Choudhary and St. Xavier’s Savitri early this year. Bhaskar has seven year of experience in the banking sector and has worked with State Bank of India and Schlumberger prior to starting this venture. Choudhary has an experience in algorithmic investing and portfolio management, and has associated with companies like Oxus Investments, WorldQuant before co-founding this venture. Savitri has over a half-a-decade of experience in the education research space.
“Goalwise does not charge users for advisory and investment services. We earn brokerage from mutual fund companies on the investments made with them. This is usually in the range of 0.5-1.00 per cent per annum for equity mutual funds and 0.1-0.5 per cent for debt mutual funds. Through our extensive use of data, we have established a scientific, performance driven fund selection strategy. The selection process is not biased by the brokerage we get,” said Bhaskar.
Goalwise was advised by Dexter Capital on this fundraising.