MUMBAI: Paisabazaar has announced that assets under management (AUMs) garnered through its mutual funds products crossed Rs 1000 crore mark last month. The organisation says it is confident of reaching Rs 1500 crore of AUM by March 2018.
The fin-tech company launched mutual funds on its platform in April 2016 and has over 20 partners, which includes India’s top asset management companies (AMC) on board. This department provides investment solutions to retail consumers as well as specialised advice to HNIs and institutions.
Paisabazaar.com CEO and co-founder Naveen Kukreja says, “Paisabazaar.com has created a complete spectrum of financial products to cater to all personal finance needs of our customers. While we are the market leaders for lending products, our investment portfolio too has witnessed over 3X growth since launch.
Since last year, the mutual funds AUM has grown by over 30 per cent with customers from over 650 cities and towns. The aim is to get more than 4000 new customers and over 6000 SIPs every month and the focus will remain on creating a seamless investment experience for consumers.
Paisabazaar.com director of mutual funds Manish Kothari adds, "Our mutual fund customers benefit from cutting-edge features and hassle-free digital processes. Along with varied fund choices from top AMCs, we also provide assistance from an expert investment team that assists you to create a customised portfolio according to your needs and profile. Customers may also transact and track their investments on the go on a real-time basis through a personalised dashboard, which is also available on our mobile app.”
ICICI Prudential AMC SVP and head of marketing, digital and customer experience Abhijit Shah believes that Paisabazaa, in a short span, has established itself as agile, trustworthy and customer friendly online financial marketplace. It has emerged as one of ICICI’s most valuable online partners.
It is the only financial player to disburse loans worth Rs 2500 crore in the financial year 2016-17. The company is targeting a 3X growth and aims to cross Rs 6000 crore annualised disbursal run rate by the end of this financial year. It plans to touch annualised disbursal of Rs 25000 crore by 2020.
