Bangalore-based personal finance management startup Fisdom has raised Rs 25 crore in its second round of institutional funding led by Quona Capital.
VC firm Saama Capital which led the first round of Rs 7 crore last October, also participated in this round. Fisdom is a platform that allows users to make financial and investment decisions for long-term financial planning.
With the fresh funding, Fisdom plans to add new financial products like insurance schemes and the National Pension System, improve its technology and expand its team.
Earlier, the startup had raised $1 million in funding from Saama Capital in October last year, and $500,000 in seed funding from a cluster of angel investors including Silicon Valley-based venture capitalist Rob Chandra, CommonFloor co-founder Sumit Jain, TaxiForSure co-founders Aprameya Radhakrishna and Raghunandan G., and others.
Founded in 2015 by former venture capital investor Subramanya SV and former investment banker Anand Dalmiai, Fisdom allows its consumers to discover and make mutual fund investments using a mobile app. It has partnerships with banks for sourcing investment schemes.
In last one year, the startup claims to have facilitated one lakh mutual fund investments worth more than Rs 100 crore in assets, it said. The company that focused on mutual funds so far is now planning to bring more financial sector products like insurance and National Pension Scheme (NPS).
According to Fisdom, Indians have more than $1.35 trillion of their wealth in low yield bank deposits and often don’t invest in capital markets for various reasons — such as low financial literacy, low trust in market dynamics.