FundsIndia, which offers investment options such as mutual funds, stocks, insurance and fixed deposits, among others, on August 22 announced that US-based Westbridge Capital has picked a majority stake in the platform.
The financial details of the deal were not immediately known.
Moneycontrol has reached out to FundsIndia for a comment, and we will update the story as and when we get it.
As per FundsIndia, investment firm Westbridge Capital manages over Rs 62,000 crore of capital across Investment funds. Over the course of their careers, the team at Westbridge Capital has led investments in over 150 companies over the last 20 years including HDFC Bank, ICICI Bank, Star Health Insurance, Bajaj Finance and AU Small Finance Bank.
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“The investment, coupled with their expertise and network, will enable us to significantly enhance our investment offerings, invest in best-in-class technology and talent, and pursue expansion plans to further strengthen our position as one of the most trusted financial services brands in India,” FundsIndia said in a note.
The platform also announced that Manish Gadhvi has joined Fundsindia as chief executive officer of the B2B partner business.
“Gadhvi brings with him vast experience of building and scaling B28 wealth management business, having spent over 20 years with NJ India in various roles. During his time at NJ India, Gadhvi has helped about 12,000 B2B partners build their business and reach a scale of Rs 50,000 crore in assets under management,” FundsIndia said.
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The platform now intends to build a pan-India omnichannel experience (branches) to support Independent Financial Advisors (IFAs) and their institutional partners.
A few years back, CR Chandrasekar and Srikanth Meenakshi, founders of Wealth India Financial Services, which runs FundsIndia, were asked to leave the company owing to differences with the platform’s PE (private equity) investors.
The PE investors in the company were--Faering Capital, Foundation Capital and Inventus Capital Partners.
The board of directors of Wealth India Financial Services in 2019 had then appointed Girirajan Murugan as its chief executive officer.
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As per FundsIndia’s website, customers in over 66 countries have invested more than Rs 9,700 crore on the platform in mutual funds, stocks and other investment products.
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