moneysights.com raises $270K from Blume Ventures & Naveen Tewari
Summary
moneysights, a consumer internet start-up in the financial services domain has raised $270K from Blume Ventures & Naveen Tewari, founder of InMobi - Worlds largest independent Mobile Ad Network. moneysights.com has undergone rapid iterations based on market and consumer feedback- it began as a B2B, subscription-driven model and transitioned to a free-for-consumer, transaction-oriented model.The funds are being utilized to grow the team and plug the online transaction platform. The recommendation engine creates a portfolio of high performing Mutual Funds that minimizes investment risk & at the same time is well diversified across sectors, market capitalization, etc. Santosh and Mukesh say that all market surveys, from both providers of these options and investors, suggest that the current buying experience (largely offline) is extremely cumbersome, expensive & full of transaction frictions. The user experience is what will eventually set moneysights apart.Online delivery as a channel of distribution is yet at its early stages in India - only 5% of the Mutual Funds are bought over the Internet.