Bangalore-based Finwizard Technology Pvt Ltd, which operates personal finance app Fisdom, has raised $500,000 (around Rs 3.4 crore) in seed funding led by Silicon Valley-based venture capitalist Rob Chandra.
CommonFloor co-founder Sumit Jain, TaxiForSure co-founders Aprameya Radhakrishna and Raghunandan G, Wooqer CEO Vishal Purohit, JM Financial CEO Rajeev Chitrabhanu and Macquarie Capital’s Gaurav Gupta also put money in this round.
Rob Chandra was the general partner heading the India investments at Bessemer Venture Partners till July, 2012 before he opted for a part-time role. He exited Bessemer in June 2015 to focus on a hedge fund called Avid Park Capital he set up in the US.
“The funding that we have raised will be utilised to enhance the technology team and will also be spent on marketing,” Subramanya S.V., co-founder, Fisdom told Techcircle.in.
“This is for people who are not financially savvy, have money but end up investing in gold, real estate and fixed deposits. This is an easy way for people to invest in capital markets,” he added.
The Economic Times had first reported the development.
Fisdom was co-founded by Subramanya S.V, Ramganesh Iyer and Anand Dalmia in September 2015. Subramanya was the former MD of VC firm Bessemer Venture Partners and is also an angel investor. He has invested in startups including DailyNinja, Cartisan and Goodbox.
Iyer was an investment manager with Peepul Capital Advisors and Dalmia was with Macquarie Capital India before starting Fisdom.
Fisdom is a wealth management mobile and web application which helps people manage their money. The company has started out with mutual funds but will add more products over the period of time. The company has recently launched the Android mobile app and plans to launch iOS and web applications in the next few weeks.
It is planning to serve 5,000-10,000 customers by the end of 2016. The company will also be launching stocks, bonds and equity products in the future.
Fisdom competes with FundsIndia, Scripbox and Aditya Birla’s MyUniverse.
In August 2015, Bangalore-based Scripbox.Com India Pvt Ltd, which runs online fin-tech portal Scripbox, had raised Rs 16 crore (around $2.49 million) in its Series A round of funding from Accel Partners and a group of angel investors.