Times of India group’s digital venture Times Internet has acquired the online personal finance platform Moneysights for an undisclosed amount.
While the terms of the acquisitions were not disclosed, Times Internet mentions Moneysights will now be further developed within Times Internet, led by co-founder Mukesh Kalra.
Remember that Moneysights had shut shop in September 2012, citing funding constraints. It was founded by former InMobi employees Mukesh Kalra and Santosh Navlani in 2009 and had raised $270k from Blume Ventures and InMobi founder Naveen Tewari. It had also raised angel funding from ex-HP and IBM senior executive Prasad Duvvuri.
The site enabled consumers to discover, buy, personalize, and manage their investments, focusing on mutual funds and stocks. Post shutdown, both the founders had moved back to InMobi. In May last year, Navlani had moved on from InMobi to join DSP BlackRock Mutual Fund as its Vice President (Digital Strategy & e-business).
It’s currently not clear whether Times Internet plans to revive Moneysights as a separate service or integrate the service to its existing properties like The Economic Times. It’s also not clear whether Times Internet plans to keep Moneysights branding. Remember that The Economic Times already offers an investment tracking service called ET Portfolio that offers features like portfolio manager and stock watchlists along with the ability to track savings and investments.
Moneysights will likely compete with Aditya Birla Group’s MyUniverse that has a tie-up with Network18’s financial information portal MoneyControl. Online insurance policy aggregator Policybazaar had also launched a financial advisory services platform called PaisaBazaar in August this year. The platform sells loans, credit cards, and mutual funds among others.
Previous acquisitions by Times Internet
– It had acquired Musicfellas.com, an online marketplace for independent artists to sell their songs in February this year. Following this, Musicfellas CEO Mayank Jain had joined Gaana as developer evangelist. Gaana had opened up its APIs to music app developers in February this year.