IndianMoney, a startup which is focused on financial awareness and education, has raised about Rs. 19 crore in its Series A funding round. The funding round was led by Sri Capital, along with the participation of Hyderabad Angels.
With this new fundraising round, the Bangalore-based startup is now planning to scale up its operations. Currently, the company is offering free consultancy services to potential investors. IndianMoney founder CS Sudheer said:
We are trying to bridge the information asymmetry that exists in the country through our consultation programme for retail investors, and in the process, we generate leads for agents, brokers and corporate entities, which is the source of revenue for the company.
The startup offers its services to its clients through phone calls, and also allows people to get in touch with the platform for financial advice, as well as through its mobile application named Wealth Doc. According to the company, it gets about 18,000 calls a day from people inquiring about the right investment product.
The funding will now be used by Bangalore-based IndianMoney to expand its capacity and to handle about one lakh calls every day. It will also spend money to create a marketplace where such enquiries can be connected to prospective agents, helping customers to take an informed decision on their investments.
IndianMoney was founded 2008 as a financial awareness and education portal that offers free consultation on matters related to personal finance and potential investments. The company claims that its portal generates up to 5,000 leads per day, which are forwarded to corporates such as HDFC Life Insurance.