June 24, 2017
MEDICI now! Startup Stories highlights the companies that are shaping the new financial technology industry. Keep an eye out each week for new stories! If you or someone you know should be highlighted, send us a note. Without further ado…
Company Name: RupeeVest
Name/Title: Varun Mundra, CEO & Co-founder
Industry Segment: Personal Finance
Target Markets: India
LTP: Tell us a little bit about yourself.
Varun Mundra: I am Varun Mundra, an entrepreneur and one of the founders of RupeeVest. I completed my B. Tech in Computer Science and Engineering from IIT Kharagpur in 2011 and worked with Oracle for 1.5 years before we started RupeeVest.
LTP: Give us a paragraph pitch for your company.
VM: RupeeVest is an online investment and research platform for Mutual Funds and Corporate FDs, aimed at providing a safe and hassle-free investment experience through leveraging smart technology and in-depth research.
LTP: In a sentence or two, what problem are you solving today?
LTP: Who are you selling to?
VM: Our clients include anyone who wants to invest their money. We are currently targeting:
LTP: Why did you start the company?
VM: A few years back, I was looking to invest my surplus money in an appropriate fund but the procedure to invest was a tedious one. Also, it was difficult and confusing to choose an appropriate fund. That is when I realized that investment in India is mostly restricted to bank FDs and such traditional investments which offer low returns. I knew there was a latent demand for a portal which made investing easy and simple for everyone.
LTP: What's the most important change coming to your segment in the next 3-5 years?
VM: Transactions once handled with paper money, bulky computers, and human interaction are now being completed entirely on digital interfaces.
As technology integrates deep into consumers’ lives, the financial services industry is undergoing rapid expansion and significant structural changes. Mobile banking and payments are gaining traction while new software and automation programs are streamlining work for businesses and individuals.
LTP: What’s your next milestone?
LTP: Anything else you want to say to our audience?
VM: You can visit us at www.rupeevest.com and check out our Mutual Fund Screener at https://www.rupeevest.com/Mutual-Funds-India/Screener.
LTP: If you could change one thing that financial services people do incorrectly, what would that be?
VM: Financial services people have often given unsuitable advice, not explained the risks or haven’t provided the required information. As a result, customers end up with a product that isn’t right for them. We are aiming to change this by making all information transparent and providing users the tools to carry out their own research before investing.
VM: Thank you, Varun!
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