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Faering leads $11m Series C for FundsIndia

  • Holden Mann
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Faering Capital has led a INR700 million ($11 million) Series C round for Wealth India Financial Services, the parent company of online financial services platform FundsIndia.

Existing investors Inventus Capital Partners and Foundation Capital also participated in the round, according to a release. The company will use the new capital to expand the reach of its financial services and to improve its mobile platform offerings.

Faering's Sameer Shroff and Aditya Parekh will join the FundsIndia board. Foundation's Ashu Garg and Inventus' Parag Dohl are already members of the board.

FundsIndia, founded in 2009, manages a platform that offers investment products including mutual funds, equity investing, and corporate deposits to retail investors. Its services are available both within and outside of India.

Foundation and Inventus participated in FundsIndia's INR200 million Series B round in 2012, and Inventus committed INR30 million to the company's 2010 Series A round.

This is Faering's first investment in the company. The firm's other investments in the tech space include a 2014 commitment of an undisclosed amount to educational and healthcare-focused cloud collaboration platform Linkstreet. Faering also joined a INR3 billion pre-IPO round for financial institution Ratnakar Bank in 2013.

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