Fintech startup Assetplus raises USD 3.6 million, round led by InCred and Rainmatter
Updated: Oct 28, 2022
To lead the march towards digitalisation of financial product distribution
Will expand its business and launch more financial products on the platform
Chennai, 11 May, 2022: Fintech platform AssetPlus, has raised USD 3.6 million. This round of funding was led by Mr. Bhupinder Singh of InCred and Mr. Nithin Kamath of Rainmatter and also saw participation from Venture Catalysts, Swaroop “Kittu” Kolluri, Amit Nanavati, Kedar Kulkarni, and other angel investors. The Chennai headquartered fin-tech aims to utilize the funding to expand its business and include more financial products on the platform.
Founded by two IIT- Madras graduates, Awanish Raj and Vishranth Suresh, and launched in 2018, AssetPlus focuses on offering digital-first solutions to financial advisors and mutual fund distributors.
The company is trusted by over 1,500 advisors across the country and is equally suitable for budding and seasoned consultants. The founders, Mr. Vishranth Suresh and Mr. Awanish Raj, aim to streamline the processes of investing in mutual funds by offering a platform with a plethora of features, including multi-portfolio support, unbiased research, digital marketing functionalities, and more. By reinventing the traditional approach to handling multiple clients, the platform offers a cost-free lifetime registration to all registered ARN-holders to expand their services to geographies with a single dashboard.
dada the primary investors in this round of funding, Mr. Bhupinder Singh, Founder and CEO of the InCred Group, said
"AssetPlus is a fantastic example of the breed of Young Entrepreneurs who have become a disruptive force in the Indian Wealth and Lending industries in the last few years.
Its phenomenal leadership team is unparalleled in passion and innovation. The differentiated nature of their outstanding tech platform sets it up exceptionally well to become a market leader in the B2B2C Wealth space.
I am incredibly excited about joining at this stage of its journey and look forward to AssetPlus becoming a multi-billion dollar company in the near future."
AssetPlus's uniqueness lies in its digitalisation, and is one of the first companies to bring innovative technology to the field of mutual fund distribution in India.
Mr. Awanish Raj, one of the co-founders, said, "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."
Mr. Nithin Kamath, CEO of Rainmatter and Zerodha adds, "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. But today, distributors lack the tools and support to grow their businesses, deal with compliance requirements, and support investors. 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."
AssetPlus is used by 1,500+ distributors who have on-boarded over 2,25,000 users on the platform. Over INR 750 Cr worth of transactions were processed on the platform during the last financial year alone. The convenience of paperless investments and online tracking now meets human expertise in the field of mutual funds. With this round of funding, AssetPlus aims to empower 10,000+ distributors and 5,00,000+ investors in the next 18 months and provide access to all financial products in a single platform.