Segment – B2B2C Wealth segment; platform for distributing mutual funds.
About
Founded in 2016 by two IIT Madras graduates, Awanish Raj and Vishranth Suresh, AssetPlus is a platform helping mutual fund distributors to streamline the processes of investing in mutual funds through multi-portfolio support, unbiased research and digital marketing.
The company has raised a total funding of $4.07M over 2 rounds. In the latest funding round, it raised $3.6M which was Series A round held on Apr 28, 2022 at a valuation of $15.2M. It has 32 investors, where 4 are institutional and 28 angel investors such as Bhupinder Singh, Nithin Kamath and InCred Capital are the lead investors.
The platform distributes Mutual Funds, Corporate FDs, NPS, Term Insurance, Health Insurance, Vehicle Insurance, SGBs, Capital gain bonds. The platform itself has a Mutual Fund Distributor (MFD) license.
Key staff
Awanish Raj (Co-founder) – has no experience in financial services, having previously worked as an android app developer with HyperVerge company and Arbit Labz company. Completed their bachelor’s and master’s in electrical engineering from IIT, madras. http://www.linkedin.com/in/awanishraj/
Vishranth Suresh (Co-founder) – has passed 3 levels of the CFA charter. He previously worked as a business development with HyperVerge company. Completed their bachelor’s and master’s in mechanical engineering from IIT Madras. http://www.linkedin.com/in/vishranth-suresh-20108181/
Philosophy/key insight
The firm is applying technology to the field of mutual fund distribution in India. The platform offers a cost-free lifetime registration to all registered ARN-holders to expand their services to geographies with a single dashboard. In the process, it is trying to expand the number of MFDs across the country.
Media
AssetPlus aims to onboard over 8000 MF distributors; expand product portfolio, thehindubusinessline.com, Date: 15jul, 2022.
AssetPlus plans to expand its platform by onboarding over 8000 financial advisors and mutual funds distributors within the next 18 months. They are also looking to expand their product portfolio to include life and general insurance products and sovereign gold bonds.
After NPS and Corporate FDs, Unique Digital Dashboard to offer Insurance, Bonds; PR Newswire, Date: 05jul, 2022.
Assetplus provides cost-free lifetime registration, access to financial products, and unbiased industry material. The platform has tie-ups with over 40 AMCs in India.Their mobile app is widely used by distributors to process investments worth over Rs 1200 crore. Recently introduced Corporate Fixed Deposits in partnership with Mahindra Finance and Shriram Transport Finance, offering low-risk financial products with guaranteed returns for investors.
Prepared by – Jayesh Baviskar, July 2023
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