Founding members of fundsindia.com (Wealth India Financial Services), C.R. Chandrasekar and Srikanth Meenakshi have left the company.
Sources said that the decision has come after growing differences in business approach between founders and stakeholders i.e. PE investor of company – Fearing Capital, Foundation Capital and Inventus Capital.
It is understood that other key employees like Vidya Bala and Bhawna Acharya too have quit.
While CR Chandrasekar will continue to be on the board of the company in a limited capacity, Meenakshi will no longer be a part of the board.
Among other directors on Wealth India Financial Services board are Sameer Shroff and Aditya Parekh of Faering Capital, Ashu Garg from Foundation Capital and Parag Dhol from Inventus Capital.
The investors have appointed company’s CTO Giriraj Murugan as the new CEO and Suraj Kaeley, ex group president, UTI MF, as a senior advisor.
One of the founders told Cafemutual that investors and distributors should wait and watch the new management. “In my view, investors and distributors should give at least 6 months to the new management before taking any decision. Also, there will be no impact on their investment portfolio due to change in the management.”
Currently, fundsindia.com manages AUA of Rs.6400 crore from 2.40 lakh investors. Of the total AUA, close to 35% of AUA has come from its network of over 2200 advisors.
