Fintech and online investment startup Wealth Bucket raised $2.52 Mn or Rs 18 crore on the last day of 2019. This is presumably and reportedly pre-Series A round for the Delhi based investment firm. NorthStar Ventures and slew of high net worth investors spearheaded the funding round.
The startup said it will use the latest capital infusion in plethora of growth oriented initiatives: from increasing employee strength, enhancing domestic footprints and ramping up technological prowess. With regards to increasing domestic footprints, the company will specifically concentrate on tier 2 and tier 3 cities.
Himanshu Jain and Pulkit Jain founded wealth Bucket in 2018. Both co-founders boost a healthy experience in the financial world, with Himanshu having worked as consulting giant McKinsey while Pulkit is a charter accountant by profession. Both are also co-founder of another startup LegalRaasta, which offers legal services regarding taxation and business operation.
Wealth Bucket is an online investment platform that is completely dedicated to mutual fund investment. After economic reforms of 1992, mutual funds have emerged as a preferred investment destination especially among the working and investors belonging to the middle class strata. Although mutual funds are subjected to market risks, unlike equities they are subjected to less market volatility.
Many financial experts claim that with some basic know how, people can earn handsome returns from mutual fund investment.
Wealth Bucket competes with several online investment platforms like Groww and Upstox, with the latter recently raising $25 Mn from Tiger Global. Groww also recently raised $21.4 Mn in a series B round. Another high profile competitor in this space is Cube Wealth, which raised $2 series A funding in October 2018. Last year, Tech Pluto had run an exclusive interview of Cube Wealth’s CEO and co-founder Satyen Kothari.