Mumbai-based Evolusolve Technologies Pvt Ltd, which operates wealth management app WealthTrust, which helps users with several options to invest their wealth in, including about 4,000 mutual fund schemes has raised an undisclosed amount in seed funding from venture capital firm India Quotient.
The funds raised will be used to strengthen the team, ramp up its technology infrastructure and add more features to its app to enable users to make better investment decisions, said Nisarg Gandhi, who is also the company’s CEO.
WealthTrust is an All-in-one app which helps you track your networth, Analyze cash flows, pay bills and manage expenses. Founded in September 2015, Wealthtrust was conceptualized by Nisarg Gandhi and Jasmin Gohil. While Nisarg was a former ISRO scientist, Jasmin is a tech expert. Currently it has six-member team.
The startup was set up in September 2015 and introduced its first product in December 2015 called Wealthee, an SMS-based natural language processing personal finance mobile application that tracked users’ expenses, bank balance and bill payments.
In May 2016, the firm rebranded its Wealthee mobile application to WealthTrust, and added zero commission mutual fund offering as its key feature. The firm has managed assets of nearly Rs 2.5 crore since the rebranding. It also claims it has recorded about 5,000 downloads and almost 100 users have signed up.
Gandhi founded the startup along with Jasmin Gohil. It now has six employees. The duo graduated in engineering from a Gujarat university. Gandhi also studied management at IIT Bombay and previously worked at the Indian Space Research Organisation and Colgate Palmolive. Gohil, who is the CTO at the startup, previously worked at CMC Ltd Sierra Atlantic.
WealthTrust offers its service on a monthly subscription plan. It plans to offer users a smart advisory premium plan. The startup has tied up with MF Utilities India Pvt Ltd (MFU), an initiative of the mutual fund industry, as a distributor. MFU serves as a transaction platform where users can make payments.