AdvisoryMandi raises $36 mn from Switzerland-based EST Group

AdvisoryMandi raises $36 mn from Switzerland-based EST Group
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5 Sep, 2019

Online investment advisory platform Advisorymandi has raised $36 million from Switzerland-based EST Group. 

AdvisoryMandi has also entered into a strategic business deal with EST Group to create a new financial ecosystem in India, an official statement from the startup said.

Founded in 2015 by Kaushalendra Singh Sengar and Mahek Tomar, AdvisoryMandi connects over 260 SEBI registered investment advisors to retail investors for investments in the stock markets. 

“The rural households face countless constraints to immune themselves against risks by assembling assets. Lack of awareness on financial securities and savings instruments makes it difficult for them to acquire their risk capital,” Sengar said in the statement. 

“The funds are raised to strengthen our ecosystem by integrating multiple stockbrokers, insurance brokers, asset management companies and research houses to build a multilingual investment platform starting with equity, commodity and currency assets classes,” he added.

The startup also announced that it will utilise the capital for financial literacy programs in rural areas, schools and colleges. 

“Capital is not scarce but is scattered and EST’s vision is to aggregate unused capital by investing in technology and then use AI, voice command technology to disburse capital to SMEs, startups and agri-verticals,” said Sajid Jamal, head of venture fund, EST Group.

The Swiss company provides financial advisory, asset management, semi-banking operations, custodial, clearing and settlement and security issuance services. It has also launched a fintech arm established in London to invest in technology-backed financial markets, banking operations and wealth management companies.

Similar deals:

US-focussed equities investment platform Vested raised an undisclosed amount from incubation platform Venture Catalysts in June. 

Online financial planning and investment platform Kuvera raised $4.5 million from EightRoads in April.

Scripbox Advisors raised $21.7 million from multiple investors, led by Accel in January.