Bengaluru-based financial advisory startup IndianMoney has raised $3 Million in a Series A funding round led by SRI Capital. The round also saw the participation of existing angel investor Hyderabad Angels. Withfundraiserraise, IndianMoney is looking to scale up operations and increase its user base. More specifically, the company plans to utilise the newly-secured funding from SRI Capital and existing backers to increase its capacity to 100K phone calls every day.
We are trying to bridge the information asymmetry that exists in the country through our consultation programme for retail investors and in the process, we generate leads for agents brokers and corporate entities which is the source of revenue for the company. Serving people who have never had the benefit of unbiased financial advice and education will enable over 200 million salaried employees and small businesses to participate in the growth of emerging India.
Started in 2008, IndianMoney is a financial awareness and education portal that offers free consultation on matters related to personal finance and potential investments. At present, the platform provides these services through phone calls as well as its mobile app called Wealth Doc. As claimed by Sudheer, IndianMoney receives over 18,000 calls every day from people seeking expert financial advice.
SRI Capital was launched in 2011. It is an early-stage Venture Capital firm. The firm primarily backs innovative startups based in India and US. IndianMoney was founded by CS Sudheer in 2008. It provides a free consultation to people looking for expert opinions on matters related to personal finance. Currently, the company provides its services through phone calls as well as its mobile app called Wealth Doc.
Some of the portfolio companies of SRI Capital include Bengaluru-based Data signs Technologies, virtual reality startup Imaginate and SaaS startups Yellowdig and Zuppler, among others. Whether IndianMoney is successful in utilizing the newly-raised Series A funding from SRI Capital and others to establish a strong presence in the Indian financial advisory market remains to be seen.