Nivesh, a Noida-based fintech startup, has raised $1.6 million in a pre-Series A round from IAN Fund.

Other co-investors, including angel investors from Indian Angel Network and LV Fund and angel investors Vir Mehta and Raghav Kapur, also participated in the funding round.

As per the startup, it will use the raised funds to expand its product portfolio and enhance its technology by bringing in automation where customers will be suggested the right products based on the understanding of their needs.

Nivesh also plans to use the funds to increase its team strength and scale up its partners.

Founded by Anurag Garg, Nivesh is a Noida-based digital-first platform that focuses on solving the problem of under penetration of financial products in India.

Talking about the platform, Anurag Garg, Founder and CEO of Nivesh, said,

“We are looking at making Nivesh a full-stack platform, taking care of all financial needs of our customers. We will continue to integrate all possible products towards that end. The aim is to increase the penetration of financial products like mutual funds, corporate FDs, insurance, etc., in India’s Tier 2/3/4 cities. We, at Nivesh, follow a hybrid model of digital-first approach, with human connect to reach people in every corner of the country.”

The fintech startup partners with distributors of financial products to provide the best of both worlds to the customers: state-of-art technology + human touch. The platform enables distributors to expand their business and service a larger client base with state-of-the-art technology.

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