IndianMoney raises $3M from Sri Capital & others

Financial awareness and education company IndianMoney has raised $3 million (about 19 crore) in a series-A round led by early-stage venture capital firm Sri Capital which also saw the participation of its angel investor Hyderabad Angels.
The Bengaluru-based company, which offers free consultancy services to potential investors, plans to scale up operations with this round of fundraising.
"We are trying to bridge the information asymmetry that exists in the country through our consultation programme for retail investors, and in the process, we generate leads for agents, brokers and corporate entities, which is the source of revenue for the company," said IndianMoney founder CS Sudheer.
IndianMoney offers services to its clients through phone calls, allowing people to get in touch with the platform for financial advice, as well as through its mobile application named Wealth Doc.
"We get around 18,000 calls every day from people enquiring about the right investment product and have around eight lakh downloads on our mobile app," he said.
While the platform keeps all its consumer engagement free of cost through the calls, it generates around 5,000 leads a day which get passed on to corporate entities such as HDFC Life Insurance and others, and also to retail brokers and agents. The company has a pool of around 13,000 retail agents who pay and buy these leads for their business.
"We advertise in a major way in newspapers. We promote awareness through our YouTube channel where we have around 600 videos and use these as a means to acquire customers who get in touch with us either over the phone or through the mobile app," said Sudheer.
The company plans to use the fresh funds to expand its capacity to handle about one lakh calls every day and create a marketplace where these enquiries can be connected to prospective agents, so that customers can take an informed decision on their investments.