There is a dearth of good financial services available at decent prices in India. You can get only one, either good services at a high price or less than competent services at a low price. MoneyFrog is a Mumbai-based startup that complies to all your financial needs from giving you your financial statement or investment advice. They are like your personal assistant who takes care of your finance for you and is there at your beck and call
They have created an online dynamic platform (commonly known as Robo Advisory Platform), where customers can access & monitor all their investments & life goal at ease and same is supported by a central call center, managed by qualified professional.
It provides an online dynamic analytical tool to give their customers an insight into their investment, finance, and their goals. All of these services with a very simple to use platform. They realized that there was a need for such a service where people can manage and handle all of their finances on one single platform itself and on top of that get financial advice as well.
After a lot of research, they found out that there was nothing in the market along these lines and knowing well enough the demand for a service like this they went ahead and made MoneyFrog.
MEET THE MAKERS
The founder and also the CEO of the startup is Manoj Chahar. Manoj has a PGDM (MBA) from SIMS, Symbiosis Pune 1998. Before taking the plunge into the world of startups Manoj has had his fair share of corporate experience of 17 years. He has worked with some big names like Franchise India Head, Broking channel, Kotak Securities (Kotak Bank) and Philips India Ltd. He was one of the key members in the launch & building of an online-broking platform for Kotak Securities (Kotak Bank).
Their product and services are unique and different. There is no other platform offering the same services as them in the entire country. They are so to say one of a kind. Following are the features that set them apart from the rest.
1 One point contact; the customer can map, view & manage entire investments under one roof or can speak to the central advisory desk.
2 Make money; customers ROI (returns on investments) increases by 1% to 3%, as a platform is not guided by manufacturers or commission as a target, but based on customers data.
3 Control on Investments; Life goal tracking & execution platform towards buying & selling of Mutual Funds.
They have received INR 1.1crores of investment till date. They were self-funded for quite a while before moving on the outside funding
Currently, anyone who wants someone to handle his/her finances is at the mercy of these Advisors (Bank/ Brokers/ CA/ IFA), where Advisors on the pretext of Financial Planning; end up selling or pushing products as per Advisors expertise, target & commission earned.Even if the plan is available (mostly physical reports), it runs into tens of pages, which is hard to understand, are very cumbersome & makes one believe that.
Their target is anyone who is looking for an easy to use platform to manage his finances and around the clock service to go with it.
They have over 6000 registered customers with them out of which more than 400 customers are the ones who have paid for advisory services or booked products. (Mainly Mutual Funds)