Nivesh, which is a wealth management platform, has raised $1.6 million in a funding round led by the Indian Angel Network (IAN) Fund. Other IAN angel investors, including LV Angel Fund, also participated in the round.

The Indian Angel Network is a collective of angel investors, mostly from India, who finance early-stage startups. The aim is to collaborate to source, cross-refer, and facilitate linkages in India and Bangladesh's technology-enabled startups in order to establish an enabling climate for venture investing in both ecosystems. Nivesh, a wealth management platform, has raised $1.6 million in a funding round led by the Indian Angel Network (IAN) Fund. Other IAN angel investors, including LV Angel Fund, also participated in the round.

The Indian Angel Network is a collective of angel investors, mostly from India, who finance early-stage startups. The aim is to collaborate to source, cross-refer, and facilitate linkages in India and Bangladesh's technology-enabled startups in order to establish an enabling climate for venture investing in both ecosystems. The newly injected capital would be used to expand the company's product range, primarily to introduce newer insurance and credit products, according to the company. The funds would also be used to improve the company's infrastructure by introducing automation and user personalization.

Nivesh is a five-year-old technology platform that enables mutual fund distributors to digitally list and sell their financial products to consumers. Aside from mutual funds, distributors may list other items such as corporate fixed deposits and insurance on the website.This allows distributors to grow their business and attract new customers, who can now be serviced by a variety of asset management firms, according to the company.

As a digital-first platform, Nivesh’s pursuit is to solve the problem of low penetration of financial products in India

“We are looking at making Nivesh a full-stack platform taking care of all financial needs of our customers. So, we will continue to integrate all possible products towards that end. The aim is to increase the penetration of financial products such as mutual funds, corporate FDs, insurance, etc., in tier- and above cities. We, at Nivesh, follow a hybrid model of digital-first approach with human connect to reach people in every corner of the country," said Anurag Garg, founder, and chief executive officer, Nivesh.

Following the fundraising, the company stated that it would look to scale its employee count. “As a digital-first platform, Nivesh’s pursuit is to solve the problem of low penetration of financial products in India. The company has adopted a unique tech-human approach as it offers cutting-edge technology-enabled solutions while providing an exceptional customer experience. But what excited us most is Anurag’s ability to lead the company to build a high-growth, digital platform catering to all financial needs of customers right across the country," said Padmaja Ruparel, founding partner of IAN Fund. LV Angel Fund, Windrose Capital's Next Billion Fund, and other notable angel investors have previously invested in the business.