IndianMoney.com, the Bangalore based financial education portal, has raised its first institutional funding from Hyderabad Angels.
Pradeep Mittal, former head of Magna Infotech’s Indian operations and Srini Koppulu, former managing director of Microsoft India lead this round of investment from Hyderabad Angels.
Founded in 2008 by C S Sudheer, the portal helps users with all the information they need to know before buying any financial product. The service provides free on-call advice/education to these consumers on their needs and help them make informed decisions.
The company plans to use the newly raised funds for upgrading their current technology platform along with marketing and branding. A portion of the funding will also be utilized to build better infrastructure for the business.
In May 2011 the portal had raised funding from angel investors Ravindra Krishnappa and Shekhar Kirani.
Hyderabad Angels had recently lead a funding round for Thrillophilia, a Bangalore based experiential travel marketplace. The company raised an angel funding of $200,000 from the group of investors which also included iLabs Venture Capital Fund, Navlok Ventures and Centre for Innovation, Incubation and Entrepreneurship(IIM-A).
The personal finance space is quite a tough one with many startups failing to pick up momentum. C S Sudheer, of IndianMoney told NextBigWhat, that while others who have failed were trying to offer end to end personal finance management services, people in India don’t want to stick to one plan. “And even if they stick to one, there are bigger players like Banks, Stock Brokers, wealth management companies competing in that space,” he said.
“All they need is quick, unbiased, expert advice whenever any need pops up as these are all mostly transactional (one time) in nature. And, that’s exactly what we are trying to do,” he said.
IndianMoney works with over 6000 Independent agents and intermediaries who deal with multiple financial products . Independent agents and intermediaries contribute to 80% of the industry’s sales.