After Flipkart and Paytm, Mobikwik has forayed into online distribution business by acquiring online direct plan platform Clearfunds, confirmed Kunal Bajaj, CEO, Clearfunds.
Bajaj will now be the CEO of MobiKwik's wealth management business.
Bajaj has not disclosed the deal size; however, he said that Mobikwik would invest $15 million (approximately Rs.112 crore) over the next one year to expand its wealth management business.
In a newspaper report, Upasana Taku, Co-Founder and Director, MobiKwik said that its 107 million plus customers will soon be able to start saving in mutual funds seamlessly from their MobiKwik app in just a few clicks. The company said that it would continue to look at strategic investments through acquisitions.
Currently, Clearfunds charge Rs.99 a month from investors as wealth management fees.
Earlier, Flipkart has received corporate agency license from IRDAI on September 26 and will soon start distribution of insurance policies.
