Fintech startup Nivesh announced that it has raised $1.6 million in a pre-Series A round from IAN Fund. Other co-investors, including angel investors from Indian Angel Network and LV Fund, and angel investors Vir Mehta and Raghav Kapur also participated in the round.
The startup intends to utilize the funds to grow its product portfolio, improve its technology, strengthen its team, and scale up its partners.
Nivesh strives to cater to its customer’s financial needs with a portfolio of products, especially with a focus on insurance and lending, said the statement.
Commenting on the investment, Anurag Garg, Founder and CEO, Nivesh, said, “We are looking at making Nivesh a full-stack platform, taking care of all financial needs of our customers. 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 2/3/4 cities. We, at Nivesh, follow a hybrid model of digital-first approach, with human connect to reach people in every corner of the country.”
Nivesh is a mobile-first digital platform, supporting mutual funds and other financial products distributors to increase their penetration in the country. The platform allows distributors to grow their businesses and generate new clients who can now be serviced for different AMCs, and therefore, see improved portfolio performance.
Padmaja Ruparel, Founding Partner of IAN Fund, said, “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.”
Nivesh intends to facilitate easier access via added Indian languages to customers from different parts of the country as this will help to boost its growth. Nivesh’s technology is developing but has secured a stable foundation, ensuring the business grows swiftly.
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.
In 2020, Nivesh was listed in WealthTech100, which is an annual list of top 100 of the world’s most innovative WealthTech companies selected by a panel of industry experts and analysts. The selected companies were recognized for their innovative use of technology to solve a significant industry problem, generate cost savings or improve efficiency across the investment value chain.
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.