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Fintech platform for MFDs, AssetPlus has raised USD 3.6 million (Approximately Rs.28 crore) in a funding round led by Bhupinder Singh of InCred and Nithin Kamath of Zerodha and Rainmatter.
The Chennai fintech company aims to utilize the funding to expand its business and include more financial products on the platform.
Founded by two IIT- Madras graduates, Awanish Raj and Vishranth Suresh and launched in 2018, AssetPlus offers digital business solutions to MFDs. Currently, the company claims to have a subscriber base of over 1500 MFDs.
In a press release, Nithin Kamath, CEO of Rainmatter and Zerodha said, "Though the Indian mutual fund industry has grown in terms of AUM, there are just 3.3 crore unique mutual fund investors. If the investor base has to grow, you need lakhs of mutual fund distributors that are growing and thriving. But today, distributors lack the tools and support to grow their businesses, deal with compliance requirements, and support investors. What AssetPlus is building can go a long way in enabling distributors to do more, and we are super excited to join them in this journey."
