Balance, Bangalore based Fintech startuphas raised ₹1.5 Crores from discount broking firm Zerodha. Zerodha has invested through Rainmatter fund. The fund will be used to hire more manpower. The startup is eyeing to launch an app shortly which helps users save with the help of low-rosh mutual funds.
Speaking on the development, Ankit Kumar, Balance CEO said that the raised funds will be used to strengthen the team which has 7 members at present. The main profiles for which Balance will hire include designers and developers for the upcoming product.
Nitin Kamath, Zerodha CEO said that India still lacks in terms of retail participation and increased mobile and internet penetration will change that in the coming time. He also added that people need to start saving before investing and Balance is doing a great job in helping people save with the help of smart choices.
Ankit Kumar also stated that the app studies the spending pattern of the user and accordingly suggests saving techniques. Along with that, the app also has a number of low-risk mutual funds where the users can invest. These mutual funds come with no lock-in period and give returns of upto 8.7 percent to the users.
Rainmatter is a fund set up by Zerodha and it usually invests in startups related to finance and technology. It had an initial allotment of ₹35 crores, out of which, it has already invested ₹15 crores. It generally invests in the ticket size of ₹1.5 to 3 crores.