CapitalQuotient, which offers an online platform for financial planning, has raised $600,000 (around Rs 4.18 crore at the current exchange rate) in a pre-Series A funding round from the family office of a high-net-worth individual (HNI).
The investor will mentor CapitalQuotient and also help the startup build relationships, a person close to the development told VCCircle but declined to name the HNI.
A representative for Polymath Advisors, a Mumbai-based boutique investment advisory which managed the transaction, told VCCircle that CapitalQuotient will use the fresh funding to boost its technological infrastructure.
CapitalQuotient will also build a sales team and expand to 10 new remote locations, said Shantanu Kothari, an associate at Polymath Advisors.
ShiftAltCap, an investment bank which connects investors and emerging businesses, also helped facilitate the transaction.
VCCircle has reached out to CapitalQuotient seeking further details.
Founded in 2017 by Sousthav Chakrabarty and Gautam Reddy, CapitalQuotient is operated by Quotient Digital Solutions Pvt. Ltd.
Chakrabarty, who is the startup’s chief executive officer, is a banking and wealth management professional who has worked with companies such as HDFC Bank.
Reddy, a BITS-Pilani graduate, is the company’s chief operating officer and has worked across sectors as a strategy and technology professional.
CapitalQuotient’s platform provides end-to-end solutions to its clients including financial planning, household budgeting, debt planning and portfolio rebalancing. The company, which says on its website that its objective is to help simplify a person’s financial life, offers subscription-based plans at varying price points, each offering different features to its customers.
Deals in the segment
The fintech sector in India has attracted considerable attention in recent times with many startups trying to establish themselves in segments such as payments, lending, insurance and personal finance.
In April, digital investment advisory startup Kuvera raised $4.5 million (Rs 31 crore) in a Series A round of funding from Eight Roads, the proprietary investment arm of Fidelity International Ltd. Kuvera said it would use the funds to build its team and expand its product portfolio.
In January, wealth management app WealthTrust was acquired by online mutual funds platform Orowealth for an undisclosed amount.