Wealth management platform, Nivesh, on Tuesday said it has raised $1.6 million, led by Indian Angel Network (IAN) Fund. The round also saw participation from other angel investors including LV Angel Fund.
According to the company, the freshly infused capital will be utilised for expansion of its product portfolio, specifically towards introducing newer insurance and credit products. The company is also expected to use the funding towards technology enhancement by bringing in automation and user personalization.
Five-year-old Nivesh is a technology platform that allows mutual fund distributors to list and distribute their financial products to consumers in a digital-first manner. Apart from mutual funds, the platform also allows distributors to list other products, including corporate fixed deposits and insurance.
This enables distributors to expand their business and bring in new clients, who can now be serviced for different asset management companies, the company said.
“We are looking at making Nivesh a full-stack platform taking care of all financial needs of our customers. So, we will continue to integrate all possible products towards that end. The aim is to increase the penetration of financial products such as mutual funds, corporate FDs, insurance, etc., in tier- and above cities. We, at Nivesh, follow a hybrid model of digital-first approach with human connect to reach people in every corner of the country,” said Anurag Garg, founder and chief executive officer, Nivesh.
The company also added that it will look to scale its employee count, post this fundraise.
“As a digital-first platform, Nivesh’s pursuit is to solve the problem of low penetration of financial products in India. The company has adopted a unique tech-human approach as it offers cutting-edge technology-enabled solutions while providing an exceptional customer experience. But what excited us most is Anurag’s ability to lead the company to build a high growth, digital platform catering to all financial needs of customers right across the country,” said Padmaja Ruparel, founding partner of IAN Fund.
The company has previously been funded by LV Angel Fund, Next Billion Fund managed by Windrose Capital, and other marquee angel investors.