your password has been reset successfully, Please login again.

WealthBucket Secures INR 18 Crore from HNIs and Angel Investors

Delhi-based investment startup, WealthBucket has recently secured INR 18 Crore from Vinod Khatumal, NorthStar and other High Net Individuals (HNIs)
BY Jaspreet Kaur
Feature Writer, BusinessEx
Jan 04,2020

Delhi-based investment startup, WealthBucket has recently secured INR 18 Crore from Vinod Khatumal, NorthStar and other High Net Individuals (HNIs). The startups manages an online investment platform that gives options to infuse in Large cap schemes, Equity mutual funds, Small cap funds and Equity mutual funds etc. 

According to the Association of Mutual Funds in India (AMFI),SEBI-led association that registers mutual funds in India of all the registered Asset Management Companies, states that assets Under Management (AUM) of Indian Mutual Fund Industry as on November 30, 2019 has crossed a landmark of INR 27 Lakh Crore and stood at INR 27,04,699 crore. The AUM of the Indian MF Industry has grown from INR 8.22 trillion as on 30th November, 2009 to INR 27.05 trillion as on 30th November, 2019, about 3½ fold increase in a span of 10 years. The MF Industry’s AUM has grown from INR 10.90 trillion as on 30th November, 2014 to INR 27.05 trillion as on 30th November, 2019, about 2 ½ fold increase in a span of 5 years.

The fund will be used to increase its employee strength to 100+ and expand its operations PAN India. Along with this, the funds will be used in technology to simplify the KYC and investment process. The startup also plans to enable insurance & investment in stocks via their platform, according to the company’s official statement. 

"Our aim is to invest this money in building our technology and operational team. We will focus on the under-served segment of the market. That is, the people who are not investing because of complicated investment process & lack of knowledge," said Pulkit Jain, Co-founder of WealthBucket, said in the statement.

Making Investments Easier and Simpler

The online investment platform,WealthBucket already has nearly 300,000 visitors and has processed approximately 50,000 transactions to date. The startup asserts to have make investments up to 150 crore and more than half are infusing money for the first time. The online app and investments are cost-free and do not require a DMAT account for performing the cited services.

"Today, every millennial is considering a better proposition of investment to real estate and gold. Mutual funds comes on the top of the list. Previously, only high-commissioned shares and mutual funds were sold through financial advisors. Our experts create low-commission portfolios for retail investors and strive to make investment a hassle-free experience," Himanshu Jain, Co-founder of WealthBucket, said in the statement.

The investment startup was established in 2018 by Pulkit Jain and Himanshu Jain with an initiative to render an online platform that associates customers planning for investing in mutual funds. It also decides to expand its nexus of mutual fund distributors to introduce mutual funds in tier-II as well as tier III clientele.

"We strongly believe in the idea and the team. WealthBucket has developed a unique algorithm that connects the investor to the right type of investment," NorthStar and Vinod Khatumal commented.  

Vinod Khatumal is an experienced investor and has trained various startups in India as well as abroad. His other investments are Devanagri and App Store.

Himanshu Jain is an alumnus of ISB Hyderabad & a CFA. He has more than 10 years of experience in corporate and consulting with McKinsey. On the other hand, Pulkit Jain is a CA (Chartered Accountant) with more than 10 years of experience. Before WealthBucket, the two co-founders initiated LegalRaasta, which has a headcount of over 150.

New Players and Growth of Mutual Fund Industry

According to the latest data of AMFI, the asset under management (AUM) of the industry rose by over 13 per cent ( INR 3.15 lakh crore) to INR 26.77 lakh crore at the end of last month, up from INR 23.62 lakh crore at the end of December 2018. The AUM growth seen by the 44-member mutual fund industry in 2019 is significantly higher than 7.5 per cent witnessed in 2018. However, the growth was much higher at 32 per cent in 2017, when the asset base expanded by over INR 5.4 lakh crore,reported Mint.

With this, 2019 becomes the seventh consecutive year wherein AUM soars after falling down in the previous two years. The AUM of the Indian industry has surged from INR 8.22 lakh crore in November 2009 to INR 27 lakh crore in November 2019, indicating an over three times rise in last 10 years.

Recently, Mukesh Ambani-led company, Reliance Jio Infocomm is reportedly setting foot in mutual funds and investment niche via its digital payment application, JioMoney. The online app helps digital payments like mobile and DTH recharge, daily payment, pay insurance and other finances. 

According to Mint’s report, a senior official of telecom firm said that Reliance Jio has been hiring for its mutual fund segment. The Indian mutual fund industry which comprises 44 players is worth INR 27.05 lakh crore. 


Please add your Comment
SIMILAR Articles
March 27, 2020
When opting work from home for all employees, there are a vast set of problems that an entrepreneur ...More
By Jaspreet Kaur
March 26, 2020
The Indian government has proclaimed a financial package covering various severely hit sectors in it ...More
By Jaspreet Kaur
March 24, 2020
In the recent announcement, Finance Minister of India, Nirmala Sitharaman proclaimed a slew of actio ...More
By Jaspreet Kaur
March 23, 2020
the Indian government is stepping up and implementing strategies, over cautionary measures that it i ...More
By Jaspreet Kaur
March 19, 2020
As per the UN conference, the coronavirus outbreak may affect the global economy by $1-2 trillion in ...More
By Jaspreet Kaur
March 17, 2020
Home services business, Urban Company that expanded into Australia, Singapore, and the UAE, has rece ...More
By Jaspreet Kaur
March 14, 2020
Women entrepreneurs are grabbing opportunity to make the most of it and embracing challenges that ar ...More
By Jaspreet Kaur
March 10, 2020
The banks’ policies have become rigid and unfriendly to the startups, in turn, inclining companies t ...More
By Jaspreet Kaur
March 06, 2020
The Bengaluru-based commercial realty investment firm, Strata has received an offering of $1.5 milli ...More
By Jaspreet Kaur
March 04, 2020
Trell is a mobile application that helps the Indian users to share and ascertain personalized recomm ...More
By Jaspreet Kaur
February 29, 2020
Through this acquisition, AnsweriQ will help Freshwork’s engine, Freddy, by allowing enterprise orga ...More
By Jaspreet Kaur
February 28, 2020
Hasura will employ funds in engineering and product development, providing ready-made integrations w ...More
By Jaspreet Kaur