Goalwise, an online investment advisory platform, has raised $1 million (INR 6.8 cr) in a fresh funding round from undisclosed high net-worth individuals. Dexter Capital was the adviser to Goalwise for this round.
Goalwise was founded earlier this year by IIT Kanpur alumni Swapnil Bhaskar and Ankur Choudhary, along with Savitri Bobde, St. Xavier’s alumnus. It runs on its self-designed algorithms for investment advisory, mutual fund selection, as well as a goal tracking technology called GoalSense.
Swapnil has over seven year of experience in the banking sector and has worked with State Bank of India and Schlumberger prior to starting this venture while Ankur has experience in algorithmic investing and portfolio management, and has been associated with companies like Oxus Investments, WorldQuant before co-founding this venture. Savitri has over a half-a-decade of experience in the education research space.
After studying the profile of an individual, Goalwise creates an investment plan for each goal, allocates savings according to the user’s risk level, invests in mutual funds and tracks the investments.
Swapnil Bhaskar, co-founder of the company, said,
It’s like having an intelligent personal investment manager available online for free, Goalwise does not charge users for advisory and investment services. We earn brokerage from mutual fund companies on the investments made with them. This is usually in the range of 0.5 – 1.00 per cent per annum for equity mutual funds and 0.1-0.5 per cent for debt mutual funds. Through our extensive use of data, we have established a scientific, performance driven fund selection strategy. The selection process is not biased by the brokerage we get.
The mutual fund investments are held directly under the name of the user, and can be redeemed anytime, with or without going through Goalwise. For the mutual funds, the company has tied up with Franklin Templeton, ICICI Prudential, Birla Sun Life and Axis Mutual Fund.
Goalwise also lets individuals know if they are on track to reach their investment goals such as retirement or buying a house. In case an individual is not on track, it gives simple suggestions for achieving that goal such as hiking the investment, switching the investment.
Founded in 2013, Dexter Capital Advisors is a boutique investment advisory firm which offers advisory services in areas of M&A/JV, Private Equity and Venture Capital fund raise. It specializes in advising professional entrepreneurs in the early & growth stage funding process. Since its inception 3 years ago, Dexter Capital has closed 13 transactions.