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Personal Finance Site Moneysights Shuts Down

Moneysights.com, a personal finance site focusing on mutual funds and stocks, operated by Bangalore based RupeeStreet Financial Services has shut shop, as reported by India Digital Review. In June 2011, Moneysights had raised $270k from Blume Ventures and Naveen Tewari, founder of InMobi.

The last we checked, the website mentioned that, “moneysights will no more be offering its services beginning September 8, 2012. We are sorry to go”. At the time of writing this article the website was offline. Moneysights first discontinued access to stock value quotes, portfolio values, among others in June 2012.

In an email sent to its subscribers, moneysight said that, “While we never intended to do this, circumstances forced us to stop the updates. And over last few months, we concentrated our efforts to get back on track so that the service could continue uninterruptedly. Unfortunately, things haven’t gone the way that would have been good for us & thus, to continue running MoneySights has turned an economically unviable and practically impossible proposition”.

The company was founded in 2009 by former InMobi employees, Mukesh Kalra and Santosh Navlani. However, as of now it’s not clear whether RupeeStreet Financial Services will pursue a different line of business.

Implications

While once a promising startup, moneysights started discontinuing many of its service as early as May, this year. One of the reason for its demise, that we suspect, could be that the mutual fund industry is currently launching its own online platform with support for ECS transfers. Last year, Sebi helped the two leading bourses-NSE and BSE-set up an electronic segment for buying and selling such schemes, as reported by TOI. Bombay Stock Exchange’s (BSE) online platform is located at bsestarmf.in and NSE’s online platform at nseindia.com.  In any case, since portfolios are maintained by the Registrar of the Mutual funds, the shut down of Moneysights would only mean that users will have to look for alternate ways to set up SIPs (Systematic Investment Plans).

Other players

Wealth India Financial Services (WIFS), the company behind online investment services platform FundsIndia.com, also provides mutual fund recommendations and comparisons along with other financial services. FundsIndia recently raised Rs. 20 crore in its second round of funding. Apart from that, there’s also Fundsupermart.com that operates in Singapore, Hong Kong, Malaysia, and India. Last year, financial services group, Karvy through its wealth management arm Karvy Private Wealth, had also acquired iTrust Financial Advisors, a Gurgaon based  financial service startup. Other online financial services aggregation and comparison ventures include Info Edge owned PolicyBazaar,InsurancePandit (A&M Insurance brokers), ApnaInsurance.com (Apnapaisa-Sequoia Capital & JAFCO Asia), InsuranceMall.inPolicyTiger.comGetmeinsure.com (Peacock Financial Advisors), Fintact (Rediff backed) (Fintact appears to have been shut down), PaisaWaisa.com.

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