IFC may invest $10M in AV Birla's personal finance services portal MyUniverse
International Finance Corporation (IFC) may invest up to Rs 60 crore ($9.7 million) to buy an undisclosed equity stake in Aditya Birla Customer Service Pvt Ltd (ABCSPL), which runsMyUniverse.com, an online personal financial services platform.
MyUniverse will use the funding for building of product platform; especially mobile, strengthening the technology platform, building category & brand awareness and scaling customers on the platform.
It provides internet based personal financial services platform providing aggregation, analysis, rule based recommendations and transactions to help individuals manage their personal finances. Users can link their bank accounts, savings account, credit cards, insurance, investment accounts etc. on a single platform with a dashboard to manage assets, liabilities, expenses and income.
MyUniverse is targeting all age groups with special focus on 25 to 45 year olds.
Formed in 2008, Mumbai-headquartered ABCSPL is a subsidiary of Aditya Birla Financial Services Pvt Ltd (ABFPL), which in turn is a subsidiary of Aditya Birla Nuvo Ltd (ABNL), a listed entity of the Aditya Birla Group.
This is one among several online financial services portals in the country, many of whom have also raised VC/PE funding in the past. Some are focused on specific verticals such as PolicyBazaar is focused on insurance space. Others like ApnaPaisa distributes multiple products.
Gurgaon-based eTechAces Marketing and Consulting Pvt Ltd, owner of online insurance policy aggregator PolicyBazaar, recently raised Rs 119 crore ($20 million) in Series C round of funding.
For IFC, which has several investments in the financial services space in the country, this would be one of the rare investments in a firm which used internet as a delivery or distribution platform. Last year it had proposed to invest in TV program guide firm What's On India, but the deal did not materialise.