Bangalore-based Suvision Holdings Pvt Ltd, which runs a personal financial advisory portal IndianMoney.com, has secured an undisclosed amount in funding from Hyderabad Angels. This comes after two years since it raised angel funding in May 2011 from IAN's Ravindra Krishnappa and Accel Partners' Shekhar Kirani. While Kirani invested in his personal capacity, Krishnappa invested via his company VertExperts Consulting.
The new round of funding was led by Pradeep Mittal, former head of Magna Infotech's Indian operations and Srini Koppolu, former managing director of Microsoft India. Mittal has joined the board of IndianMoney.com representing Hyderabad Angels.
IndianMoney.com plans to use this capital for upgrading its current technology platform along with marketing and branding. A portion of the money is also slotted for building the infrastructure of the company.
Founded in 2008 by CS Sudheer, IndianMoney.com is a free information portal for financial needs of end users. It largely banks on users leaving a missed call on its network to get a call back with information about particular products. The business model involves a referral fee by forwarding client (consumer) requests to any financial products/service companies or banks with the consent of the buyer.
According to Sudheer, the firm earns Rs 300 per referral whether or not the buyer eventually buys the product from that merchant.
The company claims to have grown 15 times in its revenue since the last round of investment. While currently the firm claims to be generating monthly revenues of Rs 40 lakh, it aims to close the next financial year with revenues of Rs 15 crore.
Talking to Techcircle.in, Sudheer said the company is in advanced stages to raise its next round of funds as well. "Though this round of capital should have been sufficient for the next year, we are looking at growing exponentially and we don't want to miss out on any opportunities," he said.
IndianMoney.com is not the only player in the business. There are various online lead aggregators and similar financial products comparison sites such as BankBazaar.com, MyInsuranceClub.com, Sequoia Capital and JAFCO Asia-backed ApnaPaisa.com, InsuranceMall.in, ApnaInsurance.com, Peacock Financial Advisors Pvt. Ltd's Getmeinsure.com, Click2Insure and Insurancepandit.com by A&M Insurance Brokers Pvt. Ltd.
Last month, Hyderabad Angels invested in Thrillophilia.com, an adventure travel company along with iLabs Venture Capital Fund, Navlok Ventures and IIM Ahmedabad's Centre for Innovation, Incubation and Entrepreneurship.
(Edited by Joby Puthuparampil Johnson)