Fintech startup Nivesh Secures $1.6 Mn Funding From IAN Fund The fresh funds raised will be utilized for the expansion of product portfolio, technology enhancement, scale-up partner onboarding, and ramp-up team
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Fintech startup Nivesh.com announced on Tuesday to have raised $1.6 million led by IAN Fund. The round also saw participation from other co-investors including angel investors from Indian Angel Network, LV Angel Fund as well as other angel investors such as Vir Mehta and Raghav Kapur.
The freshly infused capital will be utilized for the expansion of the product portfolio, specifically insurance and lending products, in addition to bringing more investment products for its partners and customers. The expansion will also focus on technology enhancement by bringing in automation where customers will be suggested the right products on the basis of understanding of their needs. Nivesh is also aiming to scale up partners onboarding and ramp up the team.
"We are looking at making Nivesh a full-stack platform taking care of all financial needs of our customers. So, we will continue to integrate all possible products towards that end. The aim is to increase the penetration of financial products like mutual funds, corporate FDs, insurance, etc., in India's tier-II, tier-III, and tier-IV cities. We, at Nivesh, follow a hybrid model of digital-first approach with human connect to reach people in every corner of the country," said Anurag Garg, founder, and chief executive officer, Nivesh.com.
The startup is a mobile-first digital platform helping distributors of mutual funds and other financial products to deepen their penetration in the country. The platform enables distributors to expand their businesses and bring in new clients, who can now be serviced for different AMCs and hence experience improved portfolio performance. The company is founded by Anurag Garg, who had earlier co-founded mutualfundsindia.com and exited after acquisition by ICRA.
"As a digital-first platform, Nivesh's pursuit is to solve the problem of low penetration of financial products in India. The company has adopted a unique tech-human approach as it offers cutting-edge technology-enabled solutions while providing an exceptional customer experience. But what excited us most is Anurag's ability to lead the company to build a high growth, digital platform catering to all financial needs of customers right across the country and Srinivasan's ability to architect and lead the cutting-edge technology evolution of this digital platform," Padmaja Ruparel, founding partner, IAN Fund.
Nivesh plans to enable access through more Indian languages for easier access to customers from different parts of the country and this will provide a huge fillip to the company's growth. Nivesh's technology is evolving but has ensured that a stable foundation, ensuring that the business grows rapidly.
The company has previously been funded by LV Angel Fund, Next Billion Fund managed by Windrose Capital, and marquee angel investors such as Vivek Khare, Basab Pradhan, Rahul Gupta and Sandeep Shroff.
