Minance, a wealth management startup, is looking to raise Rs 100 crore in Series A funding, as it aims to become the one-stop destination for all investment-related services. Founded by Anurag Bhatia in 2014, Minance was among the four startups that pitched in the recently concluded fourth edition of Morning Pitch programme initiated by the Big Four accounting and advisory firm Deloitte. The startup, which has aggressive expansion plans for the coming five years, presented its business model to explore the funding and partnership opportunities.
Minance focuses on developing quantitative models for the Indian financial markets and is up for a technology upgrade soon and is looking to expand its user base by about five times in the next couple of years. The Bengaluru-based startup is also planning to expand its footprint by opening satellite offices in Hyderabad, Pune, and Chennai.
Bootstrapped and profitable, Minance claims to have recorded 300% annual growth in revenue since its inception. It currently offers a multitude of investment solutions including derivatives, equities, unlisted shares, mutual funds, and a mutual fund based derivative product called Assets Pay Cash. The company also offers tax management solutions for its partners. Minance recently tied up with Smallcase Technologies to offer investment strategies on the latter s platform.
Minance has successfully established itself as the only fintech startup which caters to investment management needs of the underserved market of SMBs and individual investors. In a span of five years, the company has grown to manage a sizeable clientele of over 3,000 partners with assets under management (AUM) of over $41 million.
After providing investment and taxation services, Minance is all set to venture into insurance and credit segments as well. The startup intends to use the funds to be generated in scaling up the business and expanding across geographies.
Minance has found its niche in the investment market, and now we are ready to take it to the next level. We intend to use the funds to expand our wings into credit, insurance, and international equities market, said Bhatia.