Orowealth, a fin-tech startup which claims to be India’s first zero commission Direct Mutual Fund Platform, has today announced that it has raised $1.6 million in Series A funding. This round of funding was led by Powerhouse Ventures with participation by Money Forward Inc., B Dash Ventures.
Other investors include prominent angel investors like Anand Chandrsekaran, ex CPO Airtel and Dinesh Agarwal, Founder Indiamart. Existing investors M&S Partners and GSF also participated in this round.
Post the fundraise, Sri Peddu from Powerhouse Ventures will join the Board and Money Forward will take a Board observer role at Orowealth. This is the second round of funding for the company, post the seed round raised from GSF, Powerhouse Ventures and M&S Partners in 2016.
Speaking on the announcement, Mr. Nitin Agrawal, Co-Founder & CEO, said, “We are very excited about this fund raise. We would like to thank our new and existing investors for their belief and confidence in our business model and in the team at Orowealth. We would also like to thank our customers for placing their trust in brand Orowealth and this fundraise gives us an opportunity to serve them even better.”
Mr. Sri Peddu said, “Through automated investment planning, Orowealth is democratizing access to financial products for the retail investor and reducing time-to-market for major banks, large wealth management firms and brokerage houses.”
The company was founded in the year 2016 by 3 IIT-IIM alumni, Nitin Agrawal, Vijay Kuppa and Yogesh Powar. Aimed to ‘make investors richer’, Orowealth offers financial tools for execution, analysis and advice on various products such as MFs, Stocks, Bonds, Insurance etc.
Orowealth offers zero commission products and personalized financial advice to retail investors with the aim of maximizing their returns. The company has existing partnerships with large financial institutions like Sharekhan and Online Trading Academy to provide wealth management solutions to their clients.