OpenWorld Money to launch in Dec, eyes Rs 1,000 cr biz volume

Financial services player OpenWorld Money, planning to launch operations early next month, is looking at a business volume of Rs 1,000 crore and bringing a million customers into its fold within five years.
"We expect business volumes of Rs 1,000 crore within the first five years of operations. By March 2015, we intend to move to mobility solutions for advisors and follow it with a customer version too. Our aim is to touch over a million customers over the next three-five years," OpenWorld Money's newly-appointed chief mentor P Nandagopal told PTI.
The market launch is likely to happen next month.

"We are in the beta testing phase right now and the market launch is likely to happen in the first week of December," said Nandagopal, who was the former managing director and chief executive IndiaFirst Life Insurance.
On what kind of services will be provided by the company, he said, "At OpenWorld Money, we are giving a unique platform to plan finances at each stage of life by leveraging technology and taking advantage of several financial advisory services such as planning of tax, education, insurance, investment, estate, retirement and much more."
The firm has already recruited 50 staff and plans to hire as many more in near future. "We already have 50 staff as of now and we will ramp it up as we move forward," he said.

The firm, which will be investing around Rs 100 crore in its venture, is in talks with venture capitals.
"We are talking to key VCs and it will be a substantial investment. But naturally, it won't be as big as a brick and mortar company because it is a digital platform," Nandagopal said.