FinTech Assetplus raises $3.6m, round led by InCred and Rainmatter
By Leandra Monteiro
FinTech platform AssetPlus, has raised $ 3.6 million. This round of funding was led by InCred and Rainmatter and saw participation from Venture Catalysts and other angel investors. The Chennai headquartered FinTech aims to utilise the funds to expand its business and product portfolio.
One of the primary investors in this round of funding, Bhupinder Singh, Founder and CEO of the InCred Group, said, “AssetPlus is a fantastic example of the breed of Young Entrepreneurs who have become a disruptive force in the Indian Wealth and Lending industries in the last few years. It’s phenomenal leadership team is unparalleled in passion and innovation. The differentiated nature of their outstanding tech platform sets it up exceptionally well to become a market leader in the B2B2C Wealth space. I am incredibly excited about joining at this stage of its journey and look forward to AssetPlus becoming a multi-billion-dollar company in the near future.”
AssetPlus’s uniqueness lies in its digitalisation and is one of the first companies to bring innovative technology to the field of mutual fund distribution in India.
Awanish Raj, one of the co-founders, said, “Undoubtedly, we have built a community of users who use the platform every day. Now that we have seen the success of our platform, we are eager to roll out new financial products. We’ll be focusing on product development over the next few years. It will be a challenging yet exciting time for our team.”
Nithin Kamath, CEO of Rainmatter and Zerodha added, “Though the Indian mutual fund industry has grown in terms of AUM, there are just 3.3 crore unique mutual fund investors. If the investor base has to grow, you need lakhs of mutual fund distributors that are growing and thriving. But today, distributors lack the tools and support to grow their businesses, deal with compliance requirements, and support investors. What AssetPlus is building can go a long way in enabling distributors to do more, and we are super excited to join them in this journey.”
IBSi Daily News Analysis
September 22, 2023
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