Hyderabad:
ArthaYantra, a Hyderabad-based integrated personal financial services start-up, on Tuesday said it has raised seed capital from US-based investment firm WFA Global Investments. However it did not disclose either the quantum of funds raised or the stake picked up by the US firm.
The company, which has been founded by a group of ISB Hyderabad alumni, uses its its unique proprietary framework, trademarked as Personal Financial Lifecycle Management (PFLM), and employs patented processes that help individuals achieve their financial goals.
The company plans to further develop its proprietary technology and also expand its team that currently stands at over two dozen people. The company also plans to expand operations across six major cities of Hyderabad, Bangalore, Delhi, Chennai, Mumbai and Pune.
According to the company, it was focused on launching its new solutions and was currently engaged in increasing its financial research capabilities by building systems and processes based on existing patents that it holds and is now piloting its innovative personal finance solution in beta with select group of customers. ArthaYantra’s clientele includes individuals from India, US, Europe and Middle East.
Commenting on the development, Artha Yantra founder and CEO Nitin B Vyakaranam said that the current round of investment was a testament to the global appeal that its solutions carry. “In India, we plan to take personal financial services to a greater cross-section of the population by coming out with unique and thought provoking services. We believe that a vast majority of India’s middle income population does not have access to formal personal financial services, and our solutions would fill this gap.”
New York-based WFA Global Investments managing director Dr Ravi Bhagavatula said: “With the backbone of patented and scalable personal finance solutions along with its disruptive business model, ArthaYantra has the potential to achieve global scale. The Indian market has a promising ‘middle of pyramid’ opportunity and ArthaYantra could prove to be a game changer in the personal finance industry.”
source: http://www.timesofindia.indiatimes.com / Home> Business> India Business/ by Swati Bharadwaj Chand / November 06th, 2012