Wealthbucket Capital Advisors, an online mutual fund distribution platform of regular plans has raised Rs.18 crore from NorthStar, Vinod Khatumal & other HNIs.
Himanshu Jain and Pulkit Jain founded this advisory firm in 2018. Himanshu told Cafemutual that his company would utilize the funds for marketing to acquire new clients. In addition, the company would invest in technology to strengthen their website.
Talking about their revenue model, Himanshu said that his company distributes regular plans to receive commission income from fund houses. In future, the company plans to increase offerings by adding insurance advisory and stock trading services.
Currently, the company claims to manage AUM of Rs.150 crore in mutual funds.. The company has executed over 50,000 transactions in mutual funds so far. Himanshu told Cafemutual that most of his clients have come from Legal Rasta, his other venture that helps customers file income tax returns.