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Financial services player OpenWorld Money, which is planning to launch operations next month, is looking at have a million users by 2016, and aims to touch an annual revenue of Rs 1,000 crore within the next five years.
P Nandagopal, chief mentor, Open World Money said that the company is planning to have a soft launch around mid-December and has started beta testing since last month. The 70-people strong company is also looking at raising funds from venture capitalists. While initial investments in the venture would be around $ 1 million, Nandagopal said that they plan to raise around Rs 100 crore over a period of time.
OpenWorld Money would basically provide a platform to plan finances at each stage of life using financial advisory services like tax planning, insurance, investments, retirements etc. The primary source of revenue would come from product promotion fees, apart from customer membership fees as well as fees on overall turnover or sale volumes routed through the platform.
Prior to joining OpenWorld Money, P Nandagopal was the MD & CEO of IndiaFirst Life Insurance for five years. He has worked with the insurance industry for the last three decades. Headquartered in Mumbai, OpenWorld Money aims to be a 360 -degree integrated financial services platform that brings together on the same stage, a group of product providers, financial advisors and customers for mutually beneficial interactions.
Nandagopal calls it the digital market place for financial products.
