WealthBucket.in, which runs an online platform for mutual fund investments, has raised Rs 18 crore from NorthStar, Vinod Khatumal & other HNIs.
WealthBucket was founded in 2018 by Himanshu Jain and Pulkit Jain with an initiative to provide a platform that connects the customers looking to invest in mutual funds. This platform provides the option to invest in equity mutual funds, large-cap schemes, small-cap funds, liquid funds, etc.
The founders said in a statement that the fund will be used to increase its employee strength to 100 plus and expand its operations PAN India. Along with this, the funds will be used in technology to simplify the KYC and investment process. The start-up also plans to enable insurance & investment in stocks via their platform.
The start-up already has around 300,000 visitors and has processed around 50,000 transactions to date. The company claims to have generated investments worth 150 crores. 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 one-year-old start-up also plans to leverage its own employee/mutual fund distributor network to introduce MFs to tier II and tier III, clients.
"Today, every millennial is considering a better proposition of investment to real estate and gold. A mutual fund comes on the top of the list. Previously, only high-commissioned shares and mutual funds were sold through financial advisors. Our experts create low-commission portfolios for retail investors and strive to make investment a hassle-free experience", commented Himanshu Jain.
"We strongly believe in the idea and the team. WealthBucket has developed a unique algorithm that connects the investor to the right type of investment," commented investors including NorthStar and Vinod Khatumal.
Vinod Khatumal is a veteran investor & has mentored multiple start-ups in India and abroad. Vinod's other investments include India App Store and Devanagri.
Himanshu Jain is an alumnus of ISB Hyderabad & a CFA. He has over 10 plus years of corporate/consulting experience with McKinsey.
Pulkit Jain is a CA (Chartered Accountant) with over 10 plus of experience. Prior to WealthBucket, the duo founded LegalRaasta which has a 150 plus member team.
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( With inputs from ANI )