AssetPlus, a fintech platform, announced on Wednesday that it had raised $3.6 million in funding led by Bhupinder Singh of InCred and Nithin Kamath of Rainmatter. Venture Catalysts, Swaroop “Kittu” Kolluri, Amit Nanavati, Kedar Kulkarni, and other angel investors also participated in the investment round.

According to the firm, the Chennai-based fintech firm plans to use the funds to develop its operations and add new financial products to its platform.

AssetPlus was founded in 2018 by two IIT-Madras graduates, Awanish Raj and Vishranth Suresh, to provide digital-first solutions to financial advisers and mutual fund distributors.

Over 1,500 advisors across the country trust the firm, which is suited for both new and experienced consultants. Vishranth Suresh and Awanish Raj, the company’s founders, want to make investing in mutual funds easier by providing a platform with a variety of features, such as multi-portfolio support, unbiased research, and digital marketing capabilities, and more. The platform provides all registered ARN-holders a free lifetime registration to expand their services to geographies with a single dashboard by redefining the traditional technique to handle different clients.

InCred Group CEO’s point of view

“AssetPlus is a terrific example of the breed of young entrepreneurs that have become a disruptive force in the Indian wealth and loan industries in the last few years,” said Bhupinder Singh, Founder, and CEO of the InCred Group, one of the key investors in this round of funding. I’m ecstatic to be joining AssetPlus at this point in its development, and I anticipate AssetPlus becoming a multibillion-dollar firm shortly.”

“Undoubtedly, we have developed a community of users who utilize the platform every day,” one of the co-founders, Awanish Raj, said. We’re excited to launch new financial solutions now that our platform has proven to be successful. Over the next few years, we’ll be concentrating on product development. Our team will face a difficult yet exciting period.”

“Though the Indian mutual fund market has increased in terms of AUM, there are only 3.3 crore unique mutual fund investors,” says Nithin Kamath, CEO of Rainmatter and Zerodha. If the investor base is to expand, you’ll need tens of thousands of mutual fund distributors who are expanding and flourishing. However, distributors today lack the tools and support they need to expand their operations, meet compliance obligations, and assist investors. What AssetPlus is doing has the potential to help distributors accomplish more, and we are thrilled to be a part of it.”