BackMProfit raises $2 mn from Zerodha’s Rainmatter, Enam, others
MProfit aims to roll out new features including advanced performance reporting, tracking for international assets and API integrations that will make MProfit’s user experience all the more seamless & insightful.
PremiumFintech platform MProfit that allows investors and wealth professionals to track their multi-asset investments, said it has raised around $2 million in its first ever funding round. The round saw participation from Zerodha’s Rainmatter, Enam Holdings, Gruhas Proptech, Auxano Capital and Samarthya Investment Advisors.
MProfit’s products enable users to seamlessly aggregate their investment portfolios across different asset classes & brokers. With the ability to read trade files such as contract notes from 700+ stockbrokers and Mutual Fund CAS statements, MProfit’s proprietary tech significantly reduces manual effort in portfolio management for investors, family offices, financial advisors and chartered accountants.
Nithin Kamath, founder & CEO, Zerodha & Rainmatter said, “We are happy to partner with MProfit as they are solving the challenge of enabling investors and wealth professionals to track multi-asset investments in one place. Consolidating one’s investment data across platforms can be tedious, and MProfit is helping significantly automate this."
Indians today invest in various asset classes that are offered by several financial institutions, making it difficult to get a single view of one’s investments. MProfit, with a mission to solve this problem, enables users to auto-import transaction data from different brokers. By standardizing data from disparate sources, MProfit provides key portfolio insights such as annualised returns (XIRR), asset allocation & capital gains for tax-filing.
“A key motivation for us to build MProfit is rooted in our belief that in India, the concept of tracking investments as a family is very important. Investors generally like to track not only individual portfolios but also their family’s overall returns in one place", said Kiran Shah, co-founder & CEO.
With a loyal customer base in 300+ cities, MProfit uniquely provides SaaS offerings to both B2C and B2B segments. On the B2C side, MProfit helps investors, HNIs and family offices track consolidated investments for the entire family. On the B2B front, MProfit helps IFAs, sub-brokers, wealth managers and CAs manage diversified client portfolios and provide high quality reporting to their end clients.
Having closed its first fund-raise, the MProfit team plans to fast-track deployment of new initiatives. To start with, they aim to roll out new features including advanced performance reporting, tracking for international assets and API integrations that will make MProfit’s user experience all the more seamless & insightful.
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