Founders of Wealth India Financial Services were asked to leave the company owing to differences with the platform’s PE (private equity) investors on how to run the business.
The board of directors of Wealth India Financial Services, which runs one of India’s largest mutual fund distribution platform, FundsIndia, have appointed Girirajan Murugan as its Chief Executive Officer..
According to a press release from the company, it has also appointed Suraj Kaeley as a senior advisor.
Murugan, who has over two decades of experience, was the Chief Technology Officer of the company for over 12 months, while Kaeley previously worked with UTI Mutual Fund as Group President, Sales and Marketing. He also worked with Fidelity, MetLife, and Franklin Templeton.
According to a report in Business Line, C.R. Chandrasekar and Srikanth Meenakshi, founders of Wealth India Financial Services were asked to leave the company owing to differences with the platform’s PE (private equity) investors.
The PE investors in the company are--Faering Capital, Foundation Capital and Inventus Capital Partners.
“The erstwhile CEO and COO (Chief Operating Officer), C.R. Chandrasekhar and Srikanth Meenakshi cease to be employees of the company. Meenakshi ceased to be on the board of directors of the company since February 2018 and was operating in a reduced capacity since then and his departure had been planned for many months,” the press release stated, adding that Chandrasekhar will continue to serve on the board of the company.
Fundsindia has Rs 6,400 crore assets under management and about 2.4 lakh active investors.Established in 2009, FundsIndia is an online investment website headquartered in Chennai, Tamil Nadu. Owned by Wealth India Financial Services, which was initially created only for mutual funds, it later introduced other investment products like stocks, corporate fixed deposits, and bonds.LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.