Mumbai based personal finance startup Fincash.com, came up to create a dominant footprint in the untapped wealth management space in India. The startup run by Shepard Technologies Pvt. Ltd, has raised $100,000 (Rs 64 lakh) in its first round of funding from a clutch of individual investors.
The online platform for investors to be able to transact as well as monitor their investments in mutual funds and other investment/wealth management products.
The angel investors include Mohammed Khan, founder of Rediffusion and Sameer Narayan, former fund manager at BNP Paribas. A couple of executives from the financial services industry also invested.
Fincash will use the funds to strengthen its technology and expand its team.
The company was founded in 2016 by IIT Bombay alumni Gaurav Perti and Pawan Kumar. It offers solutions to customers for channelising funds into long-term savings and tax planning.
The retail segment in India is largely underpenetrated and there is a requirement to have a platform to serve customers and get them to invest. Mutual fund assets have also remained concentrated towards the top 10 cities in India, and there is a need to tap into India beyond this.
The fin-tech space in India is hot bed with a number of players getting into the payments, lending, insurance and personal finance segments.