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Fintech startup Nivesh has raised $1.6 million in a pre-Series A round from IAN Fund. The round also saw participation from other co-investors, including angel investors from Indian Angel Network and LV Fund, and angel investors Vir Mehta and Raghav Kapur.

The Noida-based startup will use the funding to expand its product portfolio, enhance its technology by bringing in automation where customers will be suggested the right products based on the understanding of their needs, increase its team strength, and scale up its partners.

Nivesh aims to serve its customer’s financial needs with a portfolio of products, especially with a focus on insurance and lending, said the statement.

Speaking on the latest development, Anurag Garg, Founder and CEO, Nivesh, said, “We are looking at making Nivesh a full-stack platform, taking care of all financial needs of our customers. We will continue to integrate all possible products towards that end. The aim is to increase the penetration of financial products like mutual funds, corporate FDs, insurance, etc., in India’s Tier 2/3/4 cities. We, at Nivesh, follow a hybrid model of digital-first approach, with human connect to reach people in every corner of the country.”  

Nivesh is a mobile-first digital platform, helping mutual funds and other financial products distributors to deepen their penetration in the country. The platform enables distributors to expand their businesses and bring in new clients who can now be serviced for different AMCs, and hence experience improved portfolio performance.

Further commenting, Padmaja Ruparel, Founding Partner of IAN Fund, said, “As a digital-first platform, Nivesh’s pursuit is to solve the problem of low penetration of financial products in India. The company has adopted a unique tech-human approach as it offers cutting-edge technology-enabled solutions while providing an exceptional customer experience. But, what excited us most, is Anurag’s ability to lead the company to build a high-growth digital platform, catering to all financial needs of customers right across the country, and Srinivasan’s ability to architect and lead the cutting-edge technology evolution of this digital platform.”

Nivesh plans to enable easier access through more Indian languages to customers from different parts of India as this will provide a huge fillip to its growth. Nivesh’s technology is evolving but has ensured that a stable foundation, ensuring the business grows rapidly.