- Nivesh will use the raised funding to expand its product portfolio, strengthen technology, and scale up its partners.
- Previously, The startup had raised $600K from Pune-based Windrose Capital.
- Investors from Indian Angel Network and LV Fund also participated in the funding round.
Noida-based fintech startup Nivesh has raised $1.6 million (about Rs 11.8 crore) in a pre-Series A funding round led by New Delhi-based Indian Angel Network (IAN) Fund, along with the participation from other co-investors, including angel investors from IAN and LV Fund.
Other angel investors — Vir Mehta and Raghav Kapur also participated in the funding round.
Nivesh will use the funding for the expansion of its product portfolio, strengthening technology, increase its team strength, and scale up its partners, according to the statement.
The startup is also working on bringing automation into its platform through which customers will be suggested to choose the right product based on the understanding of their needs.
Prior to this round, It had raised $600K in a seed funding round in December 2019, led by Windrose Capital, a Pune-based venture capital firm that makes early and mid-stage investments in startups.
Speaking on the development, Anurag Garg, Founder & CEO of Nivesh, said, “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 2/3/4 cities. We, at Nivesh, follow a hybrid model of digital-first approach, with human connect to reach people in every corner of the country.”
“We are also looking to make Nivesh a full-stack platform, which will be taking care of all the financial needs of our customers,” he added.
Founded in 2016 by Sridhar Srinivasan and Anurag Garg, with the aim to help mutual funds and other financial products distributors deepen their penetration in the country. Nivesh enables distributors to expand their business and bring new clients through its mobile-first digital platform.
The startup has partnered with various mutual fund houses, including Axis Mutual Fund, BOI Mutual Fund, Birla Sun Life Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, Tata Mutual Fund, SBI Mutual Fund, among others.
Its product offerings include Mutual Funds, FD, Alternative Investment Fund, Portfolio Management Services, Peer-to-Peer Lending, Bonds, and National Pension Scheme.
Padmaja Ruparel, from IAN Fund, said, “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.”
Apart from this, Nivesh plans to add regional languages to its platform, as it will help them to expand its presence in different parts of the country.