ⓘ Source: Press Release | PRNewswire
WealthBucket.in, which runs an online platform for mutual fund investments, has raised INR 18 Cr 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 options 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+ and expand its operations PAN India. Along with this, the funds will be used in technology to simplify the KYC and investment process. The startup also plans to enable insurance & investment in stocks via their platform.
The startup already has around 300,000 visitors and has processed around 50,000 transactions till date. The company claims to have generated investments worth 150 Cr. 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 1-year-old startup also plans to leverage its own employee/mutual fund distributor network to introduce MFs to tier II and tier III clients.
Himanshu Jain commented:
“Today, every millennial is considering a better proposition of investment to real estate and gold. Mutual funds 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.”
Investors including NorthStar and Vinod Khatumal commented:
“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.”
Vinod Khatumal is a veteran investor & has mentored multiple startups in India and abroad. Vinod’s other investments includes India App Store and Devanagri.
Himanshu Jain is an alumnus of ISB Hyderabad & a CFA. He has over 10+ years of corporate/consulting experience with McKinsey. Pulkit Jain is a CA (Chartered Accountant) with over 10+ of experience. Prior to WealthBucket, the duo founded LegalRaasta which has a 150+ member team.