ValuePlus Technologies Pvt Ltd, which runs fintech platform AssetPlus, on Wednesday said it has raised $3.6 million (around Rs 28 crore) in a funding round led by Bhupinder Singh (Founder and group CEO of InCred) and Nithin Kamath (Co-Founder and CEO of Zerodha).
The round also saw participation from Venture Catalysts and angel investors including Swaroop “Kittu” Kolluri, Amit Nanavati and Kedar Kulkarni, among others.
The Chennai-headquartered firm plans to deploy the fresh capital to expand its business and include more financial products on the platform.
AssetPlus also aims to empower over 10,000 distributors and 5,00,000 investors in the next 18 months and provide access to all financial products on a single platform.
"Undoubtedly, we have built a community of users who use the platform every day. Now that we have seen the success of our platform, we are eager to roll out new financial products. We'll be focusing on product development over the next few years. It will be a challenging yet exciting time for our team," said Awanish Raj, Co-Founder, AssetPlus.
Launched in 2018 by Awanish Raj and Vishranth Suresh, AssetPlus focuses on offering digital-first solutions to financial advisors and mutual fund distributors. According to the startup's statement, AssetPlus is used by more than 1,500 distributors who have onboarded over 2,25,000 users on the platform.
"Though the Indian mutual fund industry has grown in terms of AUM, there are just 3.3 crore unique mutual fund investors. If the investor base has to grow, you need lakhs of mutual fund distributors that are growing and thriving. What AssetPlus is building can go a long way in enabling distributors to do more, and we are super excited to join them in this journey," said Nithin Kamath, CEO of Rainmatter and Zerodha.
