Online investment platform Goalwise, run by Alphafront Finserv Pvt. Ltd, has raised $1 million from a group of high net-worth individuals (HNIs) in India. This is the first external funding raised by Bangalore-based company.


Knowstartup_goalwise

Founded by Swapnil Bhaskar, Ankur Choudhary and Savitri Bobde, Bangalore-based Goalwise runs on its self-designed algorithms for investment advisory, mutual fund selection, as well as a goal tracking technology called GoalSense.  Goalwise guides people to make wiser investment decisions for earning higher returns. The startup through its investment framework tracks user’ goal path, switches to better performing mutual funds, rebalances (equity to debt) portfolio along with goal path to minimise risk and optimise returns.

The funds raised will be used to scale up Goalwise’s technological, analytical and operations infrastructure.  The fin-tech startup will look at raising about $5 million in the next three to four months.

“Goalwise does not charge users for advisory and investment services. We earn brokerage from mutual fund companies on the investments made with them. This is usually in the range of 0.5-1.00 per cent per annum for equity mutual funds and 0.1-0.5 per cent for debt mutual funds. Through our extensive use of data, we have established a scientific, performance driven fund selection strategy. The selection process is not biased by the brokerage we get,” said Bhaskar.

Other investment platforms in the space include Tauro Investment Advisors Pvt Ltd which operates online stock market investment platform Tauro Wealth and Scripbox.Com India Pvt Ltd which runs online fintech portal Scripbox. Tauro received seed funding from TracxnLabs and a bunch of unnamed angel investors early this year.

Reference: 2

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Ankur Chandra

A software engineer by education, Ankur is go-getter, who leaves no stones unturned to find a solution to a problem. He is passionate about technology and automobiles. And, is a big foodie at heart. Watching cartoons is his favourite off-field indulgence. At KnowStartup, he is an integral part of the editorial team.

1 Comment

  1. chinedu anozia on

    Hello, Please could you recommend a software developer that can provide a software like Goal wise goal sense technology. ??

    thanks and expecting your feed back

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