Noida-based mass market mutual funds platform Nivesh.com today announced that it has crossed the 1000-customer mark in less than nine months of operations. For the transforming impact of the startup in rural India, the startup received the prestigious Startup Superhero 2018 award from Superstar Akshay Kumar.
Nivesh.com started its operations in May 2017 with the objective of taking mutual funds to masses in Tier 2 and Tier 3 towns. Within nine months, it has facilitated almost 10,000 transactions for about 1,300 customers. Interestingly, 90% of the customers are first-time mutual fund investors located in more than 160 cities across India.
For its efforts, Nivesh.com received the Startup Superhero 2018 award by Akshay Kumar which was held in New Delhi. Startup 2018 was the Biggest Startup Carnival in India attended by over 1500 young Entrepreneurs, Innovators, Investors and collegiate communities looking to take up entrepreneurship as a career mission. Shri Giriraj Singh, Hon’ble MOS for Micro, Small and Medium Enterprises Government of India along with Shri Anant Kumar Hegde, Hon’ble Minister of State, Ministry of Skill Development And Entrepreneurship were the chief guest of the event.
Commenting on the development, Nivesh.com Founder and CEO Anurag Garg said, “This success is a testimony of our belief that there is huge pent-up demand for safe investment options like mutual funds as we move beyond the metro cities, which contribute about 80% of current assets under management for mutual funds.”
The mutual fund investment platform’s major USP is its jargon-free user interface that simplifies the process of selection of the right mutual fund scheme. The prospective investors are offered pre-defined buckets of options that link to their broad financial goals. Further, the portfolio tracking option helps investors in understanding the performance of the investments done by them.
“Our customers in smaller towns are able to track their investments through our mobile app, which is a huge relief from running to offices of insurance companies, chit-funds and post offices to find out the status of their investments. The convenience of being able to see their investment value and buy/sell from anywhere is a game-changer. Since we are catering to the masses, the mobile app is available in Hindi as well,” Garg added.
Nivesh.com uses a local business partner network to reach out to customers in small towns since personal touch and push is important in taking the first step. It supports these business partners with required training and encourages them to conduct investor awareness programs to educate customers.
The mutual fund industry has recorded significant growth in 2017 as the government continues to push the use of banking channels for transactions. As of December 31, 2017, the Assets Under Management (AUM) of the Indian mutual fund industry stood at Rs 21.38 lakh crore.