Nivesh.com, a fintech startup has raised $1.6 Million led by IAN Fund. The round also saw participation from other co-investors including angel investors from Indian Angel Network, LV Angel Fund as well as other angel investors such as Vir Mehta and Raghav Kapur.
Nivesh is a mobile-first digital platform helping distributors of mutual funds and other financial products to deepen their penetration in the country. The platform enables distributors to expand their businesses and bring in new clients, who can now be serviced for different AMCs and hence experience improved portfolio performance. The company is founded by Anurag Garg, who had earlier co-founded mutualfundsindia.com and exited after acquisition by ICRA. The website was rated amongst the best 150 in the World by Forbes in 2001. Sridhar Srinivasan, the co-founder, brings deep tech understanding with experience from Infosys, Gridstone Research, Hurix System, etc. Together, Anurag and Srinivasan, bring complementary leadership to Nivesh which is targeting a largely untapped market.
The freshly infused capital will be utilized for the expansion of the product portfolio, specifically Insurance and Lending Products, in addition to bringing more investment products for its partners and customers. The expansion will also focus on technology enhancement by bringing in automation where customers will be suggested the right products on the basis of understanding their needs. Nivesh is also aiming to scale up partners onboarding and ramp up the team.
Speaking on the latest development, Anurag Garg, Founder, and CEO, Nivesh.com 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 like mutual funds, corporate FDs, insurance, etc., in India’s tier 2/3/4 cities. We, at Nivesh, follow a hybrid model of digital-first approach with human connect to reach people in every corner of the country.”
Further commenting, Padmaja Ruparel, Founding Partner of IAN Fund said, “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. And Srinivasan’s ability to architect and lead the cutting-edge technology evolution of this digital platform.”
Nivesh plans to enable access through more Indian languages for easier access to customers from different parts of the country and this will provide a huge fillip to the company’s growth. Nivesh’s technology is evolving but has ensured that a stable foundation, ensuring that the business grows rapidly.
In 2020, Nivesh was listed in WealthTech100, which is an annual list of the top 100 of the world’s most innovative WealthTech companies selected by a panel of industry experts and analysts. The selected companies were recognized for their innovative use of technology to solve a significant industry problem, generate cost savings or improve efficiency across the investment value chain.
The company has previously been funded by LV Angel Fund, Next Billion Fund managed by Windrose Capital, and marquee angel investors such as Vivek Khare, Basab Pradhan, Rahul Gupta, and Sandeep Shroff.