The Indian Wire » Startups » Niyogin acquires 50.1% stake in wealth management platform Moneyfront for ₹12 crores
Startups

Niyogin acquires 50.1% stake in wealth management platform Moneyfront for ₹12 crores

Niyogin Fintech, a collateral free MSME lending platform, has acquired a 50.1% stake in wealth management platform Moneyfront for ₹12 crores. Moneyfront will use the funds to accelerate growth and business requirements.

According to the company statement, the deal will be a non-cash equity swap transaction.

Mumbai-based Moneyfront was founded by Mohit Gang, Anil Bang, and Puneet Mehta in 2015. It provides a platform to help its clients to invest in mutual funds and other fixed-income instruments.

It has partnered with a number of mutual funds to provides its clients with easy and seamless investment options. Some of its partners include IDFC Mutual Fund, HDFC Mutual Fund, Reliance Mutual Fund, and SBI Mutual Fund, among many others.

Niyogin Fintech was founded by Amit Rajpal and Gaurav Patankar in 1988, with its headquarter in Mumbai. It enables small businesses to get easy collateral free loans through its technology platform using data analytics.

Commenting on the announcement Amit Rajpal, Chairman and Co-Founder, Niyogin said, “We are excited to partner with Moneyfront where I believe that the combination of wealth solutions and talent which Moneyfront brings to the table will enable deepening of our existing client relationships while being value accretive to our shareholders.”

This partnership will help Moneyfront to leverage the strong and vast distribution network of Niyogin to systematically expand in tier 2 and tier 3 cities. While it will also help Niyogin to create a value-based ecosystem in the fintech space by leveraging the technology and knowledge capabilities of Moneyfront in wealth solutions domain.

Recently, India’s leading digital payments platform Paytm ventured into mutual funds investment with the launch of Paytm Money.

Other players in the wealth management domain include Fisdom, Scripbox, Tauro Wealth, WealthTrust, TipBazaar, among many others.

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