Get All Access for $5/mo

Fintech startup Nivesh Secures $1.6 Mn Funding From IAN Fund The fresh funds raised will be utilized for the expansion of product portfolio, technology enhancement, scale-up partner onboarding, and ramp-up team

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Nivesh.com

Fintech startup Nivesh.com announced on Tuesday to have raised $1.6 million led by IAN Fund. The round also saw participation from other co-investors including angel investors from Indian Angel Network, LV Angel Fund as well as other angel investors such as Vir Mehta and Raghav Kapur.

The freshly infused capital will be utilized for the expansion of the product portfolio, specifically insurance and lending products, in addition to bringing more investment products for its partners and customers. The expansion will also focus on technology enhancement by bringing in automation where customers will be suggested the right products on the basis of understanding of their needs. Nivesh is also aiming to scale up partners onboarding and ramp up the team.

"We are looking at making Nivesh a full-stack platform taking care of all financial needs of our customers. So, we will continue to integrate all possible products towards that end. The aim is to increase the penetration of financial products like mutual funds, corporate FDs, insurance, etc., in India's tier-II, tier-III, and tier-IV cities. We, at Nivesh, follow a hybrid model of digital-first approach with human connect to reach people in every corner of the country," said Anurag Garg, founder, and chief executive officer, Nivesh.com.

The startup is a mobile-first digital platform helping distributors of mutual funds and other financial products to deepen their penetration in the country. The platform enables distributors to expand their businesses and bring in new clients, who can now be serviced for different AMCs and hence experience improved portfolio performance. The company is founded by Anurag Garg, who had earlier co-founded mutualfundsindia.com and exited after acquisition by ICRA.

"As a digital-first platform, Nivesh's pursuit is to solve the problem of low penetration of financial products in India. The company has adopted a unique tech-human approach as it offers cutting-edge technology-enabled solutions while providing an exceptional customer experience. But what excited us most is Anurag's ability to lead the company to build a high growth, digital platform catering to all financial needs of customers right across the country and Srinivasan's ability to architect and lead the cutting-edge technology evolution of this digital platform," Padmaja Ruparel, founding partner, IAN Fund.

Nivesh plans to enable access through more Indian languages for easier access to customers from different parts of the country and this will provide a huge fillip to the company's growth. Nivesh's technology is evolving but has ensured that a stable foundation, ensuring that the business grows rapidly.

The company has previously been funded by LV Angel Fund, Next Billion Fund managed by Windrose Capital, and marquee angel investors such as Vivek Khare, Basab Pradhan, Rahul Gupta and Sandeep Shroff.

Prabhjeet Bhatla

Former Staff

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.