Fincash.com, a startup working in the personal finance space, has raised a new round of funding from a number of industry stalwarts and HNI investors.
Till date, Fincash has raised about $100,000 as angel funding to fund its business towards team expansion and technology. The angel investors include names like Mohammed Khan (Founder of Rediffusion), Sameer Narayan (ex- Fund Manager BNP Paribas), among others.
Fincash is a year old startup and targets savings of people. It offers pre-packaged solutions to customers for channelizing funds into long-term savings, tax- planning and even idle money lying around.
The startup believes that the retail segment in India is largely under-penetrated 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, says Gaurav, and there is a need to tap into India beyond this.
It was founded by Gaurav Perti & Pawan Kumar last year. While Gaurav brings in over 13 years of experience in the financial services space, Pawan, CTO of the firm brings in his vast experience of 12 years in startups. Both together aim to create a platform that is customer friendly, and gets customers to invest.
The company focuses on the money market space in India for retail investors and seeks to get customers onboard with its solutions that it provides to potential investors
Gaurav Perti, CEO of the company, says, citing the potential that exists in the Indian markets:
Today, the folios in the mutual funds industry have crossed 5 Cr mark, with unique folios being much lower, hence penetration levels in India are in the 1-2% range, developed market show penetration levels of over 50%.
The Fintech space in India has heated up with a number of players getting into the payments, lending, insurance and personal finance space.