Segment – wealth, portfolio management software for retail and HNIs
About
Mprofit Software is a Mumbai-based fintech organization that was established in 2007 by five co-founders listed below.
MProfit’s platform is available for individual investors, HNIs, family offices, and wealth management professionals. It has a multi-asset portfolio tracker, can manage portfolio groups, import trade files from any of the 700+ brokers automatically, tracks F&O positions. Wealth managers can provide clients with MProfit logins.
It has raised $2 million in a single round of funding. On January 18, 2023, Rainmatter Technology raised series-round funds in a venture. Other investors in Mprofit include Auxano, Gruhas Proptech, Enam Holdings, and Samarthya Investment Advisors, but the amount of funds invested is not disclosed.
Key staff
Kiran Shah, the CEO of Mprofit, has a bachelor’s degree in science and mathematics.
Ashin Shah has a BA in mathematics, economics, and operations research.
Pallav Bhatt has a master’s degree in computer science.
Manish Jain has an education background in information systems.
Atik Shah has a master’s degree in financial engineering.
Philosophy/key insight
MProfit identified the problem that Indian investors were facing: a lack of an effective investment management solution. Investors have traditionally had to deal with the time-consuming task of manually maintaining their financial data using outdated tools and intricate spreadsheets. This method was not only time-consuming but also prone to mistakes. MProfit created MProfit, a software application that addresses the needs of investors and wealth professionals, in response to the challenges they face. The software automates and simplifies complex portfolio management tasks.
Media
Weekend investing: introducing Mprofit, YouTube, May 27, 2023
MProfit’s ground-breaking software simplifies investment management and accounting. It has several powerful features, including
- Data Import Streamlining: Mprofit integrates with various brokers to automate data import processes. Users can easily import various statement types, keeping their portfolios up-to-date.
- Multi-Asset Management: The software supports a wide range of asset classes, including stocks, mutual funds, bonds, and others. Future plans include following international stocks and ETFs.
- Capital Gains Simplified: Mprofit simplifies capital gains calculations by providing reports for both realized and unrealized gains. It ensures tax compliance and provides ready-to-file reports.
- Handling Complex Corporate Actions: The platform manages complex corporate actions such as bonuses, splits, mergers, and demergers automatically, ensuring precise capital gain calculations.
- Comprehensive XIRR Analysis: Users can conduct Extended Internal Rate of Return (XIRR) analysis to accurately evaluate portfolio performance. Mprofit offers detailed portfolio insights, such as holding period reports, asset allocation insights, and live valuations.
- Simplified Family Portfolio Management: The Family Group feature makes it simple for families to keep track of their collective investments. Users can create customized portfolio groups for more flexible organization and tracking. Mprofit provides a wide range of reports in both PDF and Excel formats, increasing accessibility and versatility.
- Integration with Tax Software: The platform makes tax filing easier by offering reports that are compatible with popular tax filing platforms.
Mprofit’s user-friendly interface and commitment to simplifying complex financial tasks enable investors to confidently navigate the complexities of investment management. It is a game changer in the world of investment management, providing a comprehensive solution for investors with diverse portfolios.
Mprofit raises $2 million from Zerodha’s Rainmatter, Enam, and others, Livemint, January 18, 2023 https://www.livemint.com/companies/start-ups/mprofit-raises-2-mn-from-zerodha-s-rainmatter-enam-others-11674045972865.html
Mprofit, a fintech platform that allows investors and wealth professionals to track their multi-asset investments, has raised $2 million in its first round of funding. Rainmatter, Enam Holdings, Gruhas Proptech, Auxano Capital, and Samarthya Investment Advisors all participated in the round. Profit’s products enable users to instantly aggregate their investment portfolios across asset classes and brokers. Profit’s proprietary technology, which can read trade files such as contract notes from 700+ stockbrokers and Mutual Fund CAS statements, reduces manual portfolio management effort for investors, family offices, financial advisors, and chartered accountants. “We are happy to partner with Mprofit because they are solving the challenge of enabling investors and wealth professionals to track multi-asset investments in one place. Mprofit provides key portfolio insights such as annualized returns (XIRR), asset allocation, and capital gains for tax purposes by standardizing data from disparate sources,” said Nithin Kamath, founder and CEO of Zerodha and Rainmatter.
Zerodha’s Rainmatter, ENAM Holdings and Portfolio Management Startup MProfit, January 19, 2023 https://inc42.com/buzz/portfolio-management-startup-mprofit-raises-funding-bring-features/
MProfit, founded by Kiran Shah, Manish Jain, Pallav Bhatt, Ashin Shah, and Atik Shah, allows users to pool their investment portfolios. Rainmatter, Enam, Gruhas, Auxano Capital, and Samarthya Investment Advisors all participated in the round. The fintech startup intends to release new features such as performance reporting, international asset tracking, and API integrations. MProfit, a Mumbai-based portfolio management startup, has raised approximately $2 million in its first round of funding since its inception in 2009.2009.The software is free for investors with portfolios worth less than INR 50 lakh, and the cheapest paid plan starts at INR 200 per month for investors with portfolios worth between INR 50 lakh and INR 1 crore.
Fintech startup Mprofit Raises Fresh Funding, VCCircle, January 18, 2023 https://www.vccircle.com/fintechstartup-mprofit-raises-fresh-funding
MProfit, a fintech platform that allows investors and wealth professionals to track their multi-asset investments, announced a $2 million funding round in its first round. Rainmatter, Enam Holdings, Gruhas Proptech, Auxano Capital, and Samarthya Investment Advisors all participated in the round. MProfit’s products allow users to aggregate their investment portfolios across asset classes and brokers in real time. MProfit’s proprietary technology, which can read trade files such as contract notes from 700+ stockbrokers and Mutual Fund CAS statements, significantly reduces manual effort in portfolio management for investors, family offices, financial advisors, and chartered accountants. MProfit provides key portfolio insights such as annualized returns (XIRR), asset allocation, and capital gains for tax purposes by standardizing data from disparate sources.
Analyst questions
- Can you explain why efficient portfolio management is crucial for investors in today’s ever-evolving financial landscape?
- Why is capital gain reporting important for investors, and how do platforms handle it effectively?
- What are the new analytics dashboards introduced by M Profit, and how do they provide deeper insights into investment portfolios?
- How can investors utilize the analytics dashboards to analyze their returns, compare portfolio performance, and monitor specific aspects of their investments?
- In your opinion, what are the main advantages of using M-Profit for investment portfolio management, and who would benefit the most from these tools?
- Can you explain how these platforms help investors reduce manual data entry and streamline tax calculations for their portfolios?
- What kind of support or resources does M Profit offer to users, particularly those who are new to investment management?
- Can you provide examples of scenarios where these tools have helped investors make informed decisions and optimize their financial futures?
- How can investors gain confidence in the capabilities of M Profit to manage their investment portfolios effectively? Are there any case studies or success stories you can share?
- In what ways can MProfit be considered a game changer in the world of investment management, especially for investors with diverse portfolios?
Prepared by – Ajinkya, July 2023
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