Network FP, a knowledge platform has raised funding of Rs.2.60 crore through crowdsourcing. Overall, 99 MFDs and RIAs have invested in the company, said the company’s press release.
The company said that it will develop an edutech platform for MFDs and RIAs. The company will also create a directory of financial advisors.
Sadique Neelgund, founder of Network FP said “With this funding and support, we are set to revolutionize the financial advisory space in India by unleashing the power of knowledge, technology and community. India has a critical need to bring in professionalism to the financial intermediation space. With over 11 years in learning and development specific to this industry, we are well-positioned to bring in this change.”
The company said that India has over 3 crore families with an annual income of 10 lakh p.a. and above. Such families need professional money manager as majority of them don’t have time or required skills/knowledge to manage money, investments & insurance on their own. Assuming a professional can comfortably manage 100-200 families each, there is a need for 2 lakh professionals in India.
