Mutual help: AssetPlus and ZFunds receive venture capital support
direct mutual fund distributors like Groww grab market share, traditional offline financial distributors are increasingly searching for their own technology stack to remain relevant and grow.
Chennai-based AssetPlus and Gurugram’s ZFunds are tapping into that opportunity. They are working with these offline agents, providing them with a technology stack to help them offer the best investment advice and products to their clients.
Venture funds are opening up to backing them too. According to two people in the know, ZFunds is in talks with Elevation Capital to lead a Rs 25 crore equity funding round, which will be its first institutional funding round.
AssetPlus, which had previously raised equity funding from Rainmatter and InCred, has secured Rs 50 crore in another institutional funding round led by Eight Roads Ventures, a global investment firm backed by Fidelity.
Eight Roads Ventures pumped in Rs 40 crore and another Rs 10 crore was invested by Zerodha-backed Rainmatter in this round.
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