The company said the pandemic has increased adoption of the platform and even as its partner base has grown by nearly 150 per cent to 2,000 in the past year.
“We have registered huge growth rates from Tier-II and Tier-III cities as savers in these regions of India are looking for alternatives to low yielding bank deposits. India has about Rs. 150 lakh crore Bank deposits, where returns are less than inflation, leading to a loss of real money. However, shifting to better yielding equipment helps such customers to preserve and enhance their wealth. This is no surprise; This growth is higher as compared to metropolitan and Tier I cities,” said Anurag Garg, Founder & CEO, Nivesh.com, said.
With a presence in over 200 cities, Nivesh has expanded its footprint digitally in various parts of the country in states like Rajasthan, Uttar Pradesh, Uttarakhand, Punjab, Himachal Pradesh, Madhya Pradesh, Chhattisgarh, Bihar, Assam, Orissa and Jharkhand. has done. said in a statement.
The Noida based company provides access to a wide range of Investment Products like Mutual Funds, Bonds, NCDs, Fixed Deposits, NPS etc. It follows a model of combining digital and offline presence.
The investment also raised $1.6 million in funding in a Series A round led by IAN Fund earlier this year.