Mumbai-based personal finance startup Fincash.com, run by Shepard Technologies Pvt. Ltd, has raised $100,000 (Rs 64 lakh) in its first round of funding from a clutch of individual investors.
The angel investors include Mohammed Khan, founder of Rediffusion, and Sameer Narayan, former fund manager at BNP Paribas. A couple of executives from the financial services industry also invested.
Fincash will use the funds to strengthen its technology and expand its team, the startup said in a statement.
The company was founded in 2016 by IIT Bombay alumni Gaurav Perti and Pawan Kumar. It offers an online platform that help investors transact as well as monitor their investments in mutual funds, wealth management products and other investments. It offers solutions to customers for channelising funds into long-term savings and tax planning.
“The retail segment in India is largely underpenetrated and there is a requirement to have a platform to serve customers and get them to invest. Mutual fund assets have also remained concentrated towards the top 10 cities in India, and there is a need to tap into India beyond this,†Perti said.
The fin-tech space in India has heated up with a number of players getting into the payments, lending, insurance and personal finance segments. The sector is also seeing a lot of investment activity. A recent VCCircle analysis showed that 25 fin-tech startups had raised funding in 2017 alone.
Earlier this week, Bengaluru-based MWYN Tech Pvt. Ltd, which runs fin-tech startup MoneyTap, raised $12.3 million (around Rs 79 crore) led by Sequoia India.
This month, online peer-to-peer lending platform LoanMeet, which is run by Strivers Solutions Pvt. Ltd, had raised seed funding from a clutch of investors including Chinese entrepreneur-turned-investors Cao Yibin and Huang Wei, along with KrazyBee.com co-founder and CEO Madhusudan E.
In another deal this month, mobile payments startup Ftcash raised an undisclosed amount in pre-Series A funding from US early-stage venture fund 500 Startups and existing investor IvyCap Ventures.