Investors include TaxiForSure Co-founders Raghunandan G and Aprameya Radhakrisha, and CommonFloor CEO Sumit Jain
Bangalore-based personal finance app Fisdom has raised US$500,000 in funding from TaxiForSure Co-founders Raghunandan G and Aprameya Radhakrisha, and CommonFloor CEO Sumit Jain.
Rob Chandra of Avid Park Capital, Wooqer’s CEO Vishal Purohit, JM Financial’s CEO Rajeev Chitrabhanu and Macquarie Capital’s Gaurav Gupta also participated, according to a report by The Economic Times.
The monies will be used to enhance the technology team as well as for marketing efforts.
“The idea is to provide wealth management to those earning between INR 5 lakh to INR 50 lakh (US$7,400 to US$74,000), who don’t have access to professional advice on where to invest their money,” Subramanya SV, Co-founder of Fisdom told the publication.
Founded in September 2015 by Subramanya, Ramganesh Iyer and Anand Dalmia, Fisdom is a wealth management mobile app that helps people manage their money. The company has started out with mutual funds, but plans to add more products over time. The app is currently available only on Android.
The company plans to serve 5,000-10,000 customers by the end of 2016. It also looks also launch stocks, bonds and equity products in future.
According to Subramanya, over US$1.35 trillion is stuck in savings/deposits accounts in India. There lies a huge opportunity in helping this money be managed.
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