Personal finance management startup Fisdom has raised Rs 25 crore from US-based fintech- focused fund Quona Capital and existing investor Saama Capital.
With this, the startup has raised Rs 35 crore in three rounds of funding. Last October, it had mopped up Rs 7 crore from Saama in Series A funding, and later Rs 3 crore from a group of reputed global angel investors, including cab aggregator Ola founders.
Fisdom chief executive Subramanya SV told PTI that of the Rs 25 crore fresh mop-up, Rs 19 crore came in from Quona, while the rest from Saama.
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The company, which employs 45 people now, plans to take this to around 70 by March, and has partnerships with Bank of Baroda and Lakshmi Vilas Bank.
Asked about customer profile, he said over 50 per cent of thier mobile app customers come from small towns.
He said money will be used for product development, expansion and customer acquisition, apart from rolling out more products like insurance and NPS.
Asked about promoters' equity dilution post the latest round of funding, he said, the promoters still hold a majority stake and investors have only a very minority stake.
Fisdom, which is an easy-to-use, jargon-free platform that allows users to make smart investment decisions for long- term financial health, was founded in 2015 by Subramanya, an ex-MD at Bessemer Venture Partners India, and Anand Dalmia, an i-banker from Macquarie.
On the revenue model, he said Fisdom app is free for retail customers and its revenue comes from fee income which varies form 0.5 to 1 per cent of the invested fund from its institutional customers.
Since last October, over 1,00,000 mutual fund investments worth over Rs 100 crore have been done through the the Fisdom App, he said.
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