Mumbai based WealthTrust, a digital investment advisory startup, has secured a pre-series A funding of $500,000 and the investment has been made by IndiaQuotient and some angel investors who are part of LetsVenture.
The startup has a wealth management app, supposed to be the first of its kind, that can be installed on both Android and iOS devices and used for making investments in instruments like mutual funds etc. The startup, founded by Nisarg Gandhi and Jasmi Gohil positions itself as a world class advisory services provider and aims to take the facility to the common citizens who wish to make investments and expand their wealth. They see a huge gap in this space right now.
IndiaQuotient sees value in the services being offered by WealthTrust and is confident of a bright future for the startup. According to them, the mutual fund investment space lacks a cohesive tracking and after-investment management system, which keeps the investor fully in the loop, on what’s happening with their investments.
Explaining their business models, the startup’s founders commented, “We help investors with tailor-made portfolios, designed based on their risk profile & with optimal asset allocation to ensure the best returns. Our custom algorithm for fund selection, developed in-house, takes in more than 70 different data points to highlight consistent out-performers”.
They also said they have brought in their technology background and experience to bear in on the functioning of the app and with the infusion of this fresh capital, they will aim to further build on this technology base and take the app to a larger number of customers from the current strength of around 50,000.
“Seamless mutual fund portfolio tracking and unbiased portfolio scoring which helps investors get real time actionable insights into their portfolios” is the basic aim and objective of WealthTrust and they will keep working towards making this happen.
The investor that led this $0.5 million round investment, LetsVenture itself relies a lot on technology to select startups for funding options and has already a portfolio of $50 million+ and 135 startups have benefitted from their investments.