WealthBucket.in, which runs an online platform for mutual fund investments, has raised Rs.18 Crore ($3 million) from NorthStar, Vinod Khatumal & other HNIs. It is a brainchild of Himanshu Jain and Pulkit Jain, was founded in 2018 with an initiative to provide a platform that connects the customers looking to invest in mutual funds. This platform provides investment options including in SIP, Equity Linked Saving Schemes, Lump-sum and other methods of investment.                                

The founders said in a statement that the fund will be used to increase its employee strength to 100+ and expand its operations PAN India. Along with this, the funds will be used in technology to simplify the KYC and investment process. The startup also plans to enable insurance & investment in stocks via their platform.

The startup already has around 300,000 visitors and has processed around 50,000 transactions till date. The company claims to have generated investments worth 150 Cr. And more than half are investing for the first time. The application and the investments are free of cost and one doesn’t need a DMAT account to do the same. 

“Our aim is to invest this money in building our technology and operational team. We will focus on the under-served segment of the market. That is, the people who are not investing because of complicated investment process & lack of knowledge,” said Pulkit Jain, co-founder of WealthBucket

This 1-year-old startup also plans to leverage its own employee/agent network to introduce MFs to tier II and tier III clients. 

Himanshu Jain commented that “Today every millennial is considering a better proposition of investment to real estate and gold. Mutual funds comes on the top of the list. Previously, only high-commissioned shares and mutual funds were sold through financial advisors. Our idea is to provide a model, where the investor can choose through a multitude of investment options. Our experts create low-commission portfolios for retail investors and will strive to make investment a hassle-free experience.” 

After the customer submits the online application, WealthBucket’s algorithm connects the investor to the right type of investment (suitable to the needs of the investor).

Himanshu Jain is an alum of ISB Hyderabad & a CFA. He has over 10+ years of corporate/consulting experience with McKinsey. Pulkit Jain is a CA (Chartered Accountant) with over 10+ of experience. Prior to Wealthbucket, the duo founded LegalRaasta which has a 150+ member team. 

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