GrowFix raises $2 million seed funding from clutch of investors
GrowFix offers retail investors and high net worth individuals asset-backed fixed income products which give higher returns compared to fixed deposits
January 28, 2021 / 02:58 PM IST
GrowFix has raised $2 million in seed funding from a clutch of investors led by fintech investment fund Rainmatter, and including Bain Capital, and 20 individual investors like Cred’s Kunal Shah, India Gold’s Deepak Abbot, PayU’s Nitin Gupta and former Paytm Money CEO Praveen Jadhav.
GrowFix is a digital investment platform for Securitised Debt Instruments (SDIs) founded in January 2020 by Abhik Patel, Ajinkya Kulkarni, Anshul Gupta and Shashank Chimaladari.
The fund will be used to to educate investors about debt asset investments and attendant risks and to underwrite risks, Kulkarni told The Economic Times.
GrowFix offers retail investors and high net worth individuals (HNIs) asset-backed fixed income products which give higher returns compared to fixed deposits (FDs).
Kulkarni felt that his products fills a “huge vacuum for products giving 2-3 percent higher returns than FDs and less volatile than equities… given that returns on debt mutual funds and FDs have dropped considerably.”
One of their first products is the GrowFix Gold which provides gold-backed loans, where retail investors get 11 percent fixed interest rate. It was launched in December 2020 and 50 percent of the asset has been subscribed in four weeks, the company said.