Wealth India Financial Services (WIFS), the company behind online investment services platform FundsIndia.com, has raised Rs 20 crore in its second round of funding, as reported by TheHinduBusinessline. According to the report, the investment will be used by FundsIndia to expand customer base and enhance the company’s online platform with new products and services.
Foundation Capital, a Silicon Valley based venture capital firm, invested 75% of the fresh investment in the company while the rest of the capital was raised from existing investors, Inventus Capital.
WIFS was founded by C R Chandrasekar and Srikanth Meenakshi in October 2008, and had launched FundsIndia.com in June 2009. It had previously raised Rs 3 crore from Inventus Capital, in 2010. FundsIndia.com is a transactional platform that allows users to link their bank accounts with investment options like mutual funds, equities, and fixed deposits, with options for managing multiple accounts, and automatically triggering investment related activities. The company has partnered with 38 mutual fund houses, 33 banks for online transactions, 6 Corporate – Fixed deposits online, equity broking services for the National Stock Exchange, and Insurance policies.