Moneysights, a financial services startup, has raised $270K from Blume Ventures & InMobi founder Naveen Tewari in February 2011, the company has announced; it was angel funded by Prasad Duvvuri. Co-founded by former InMobi employees Mukesh Kalra & Santosh Navlani, the start-up is eying the online mutual funds distribution market. While the founders have to previous background in the mutual funds business, MoneySights is registered with the AMFI, and uses algorithms to make mutual fund recommendations, based on a users risk profile. MoneySights came out of an invite-only phase around 20 days ago. In a statement, the company says that they've undergone rapid iterations in the past few months - from trying a B2B, subscription-driven model to a free for consumer, transaction-oriented model. The funds will be utilized by MoneySights to grow its team, and for online marketing. Navlani tells us, via email, that the company has so far signed up with 9 AMCs (companies that issue mutual funds), and 3 are in pipeline. He declined to share any business targets for the next three months or the year. Market Opportunity & Target Market: The company claims, pointing towards a growth opportunity - that only 5% of the Mutual Funds are bought online, and more importantly. MoneySights looks to targets retail individuals with lower ticket sizes - of less than Rs 5000 per month, who brokers/advisors aren't interested in, and especially those investors who aren't financially savvy, and finds existing channels "complex, boring & stressful". Navlani told MediaNama in an…
