Evolusolve Technologies Pvt Ltd, which operates wealth management app WealthTrust, has raised an undisclosed amount in seed funding from venture capital firm India Quotient, a co-founder of the startup told Techcircle.
The Mumbai-based company will use the funds to strengthen the team, ramp up its technology infrastructure and add more features to its app to enable users to make better investment decisions, said Nisarg Gandhi, who is also the company's CEO.
WealthTrust provides users personal wealth management advisory services for mutual funds through its mobile app at zero commission.
The startup was set up in September 2015 and introduced its first product in December 2015 called Wealthee, an SMS-based natural language processing personal finance mobile application that tracked users' expenses, bank balance and bill payments.
In May 2016, the firm rebranded its Wealthee mobile application to WealthTrust, and added zero commission mutual fund offering as its key feature. The firm has managed assets of nearly Rs 2.5 crore since the rebranding. It also claims it has recorded about 5,000 downloads and almost 100 users have signed up.
"Users who already have an existing mutual fund portfolio can switch to zero commission in a few seconds, without any paperwork, through the app. They can upload their portfolio on the app," Gandhi said. "Besides, users can make fresh investments and open an investment account through the app. We also have a research team that explores key technical parameters and suggests the tops funds," he added.
Gandhi founded the startup along with Jasmin Gohil. It now has six employees. The duo graduated in engineering from a Gujarat university. Gandhi also studied management at IIT Bombay and previously worked at the Indian Space Research Organisation and Colgate Palmolive. Gohil, who is the CTO at the startup, previously worked at CMC Ltd Sierra Atlantic.
WealthTrust offers its service on a monthly subscription plan. It plans to offer users a smart advisory premium plan. The startup has tied up with MF Utilities India Pvt Ltd (MFU), an initiative of the mutual fund industry, as a distributor. MFU serves as a transaction platform where users can make payments.
India Quotient typically comes in as a seed or pre-Series A stage investor in tech startups. Its portfolio includes career consultancy firm Mapmytalent.in, pet products provider DogSpot.in, online rental property service provider Grabhouse, home healthcare startup Care24 and food-tech venture HolaChef.
Like this report? Sign up for our daily newsletter to get our top reports.