Bangalore-based online investment advisory platform, Goalwise, has raised an angel funding of $1 million (6.8crore) from undisclosed high net-worth individuals. It plans to use the capital to scale up technology and operations efforts.
Founded by Swapnil Bhaskar, Ankur Choudhary and Savitri Bobde in 2015, Goals aims to simplify personal finance and investing according to their financial goals while preventing mis-selling. The startup is registered as Alphafront Finserv Pvt Ltd with the Association of Mutual Funds in India (AMFI) as AMFI Registered Mutual Fund Advisor (ARMFA).
“Investing is like exercising – everyone wants to do it, but no one follows through. One has to set goals and systematically work towards them, and investing in goals will give better results than ad-hoc investments. But at the same time, it should be simple to do and Goalwise does exactly this,” said Choudhary, chief investment officer of Goalwise.
Goalwise has a rigorous, technical engine delivers highly customized guidance for both. They create a personalised investment plan for all your goals. This plan is based on the financial goal you have and how much risk you prefer.
This plan includes a selection of the best Mutual Funds, asset allocation over time (equity and debt) and a goal path. The startup focuses on tax-saving goals. Its portfolio recommends choosing from Mutual Fund companies, such as Franklin Templeton, ICICI Prudential, Birla Sun Life and Axis Mutual Fund.
Their team consists of IIT Alumni who have spent several years in the investing industry solving problems in investing and personal finance through tech and analytics. Their Chief Investment Officer Ankur Choudhary has years of experience in algorithmic investing and portfolio management. He has also co-developed a statistical model, Criconomics which predicted World Cup 2015 with 80% accuracy.
Swapnil, who is the CEO of Goalwise has been a part of one of India’s biggest banks and has a deep interest and expertise in personal finance management and planning.
