Fintech app ETMoney announced that it has crossed the landmark of Rs 2,000 crore of money invested in mutual funds through its platform. It is also adding more than Rs 150 crore of new investment transaction value every month from investors across 1,200 cities.
The news comes five months after ETMoney switched to Direct Mutual funds, allowing users to invest through its platform at 0% commission. These benefits of providing users with low cost and transparent investment options from a single place has struck the right chord with users and ETMoney has since then doubled the amount of investment done on its platform, with SIPs being the most prominent investment mode.
“India is leapfrogging in terms of financialization of assets and ETMoney is enabling it rapidly through mutual funds. We are aiming to grow to Rs 5,000 crore of mutual fund transactions in the next 12-18 months,” said Mukesh P Kalra, Founder & CEO of ETMoney.
Over the last 18 months, ETMoney has introduced a slew of Industry-first offerings like SmartDeposit with Instant Withdrawal, Paperless KYC, One-tap Portfolio Buys, SIP Registration without First Installment and Option to Skip SIP Installments. All these unique features have helped it gain the largest market share of total new monthly SIPs amongst all Online Mutual Fund Platforms.
Continuing its innovation streak, it also launched a unique feature to enable existing investors save lakhs in agent commissions on their existing mutual fund investments by instantly allowing them to switch to direct plans. This has already helped its users convert over Rs 500 crore worth of investments from regular into direct plans.
With an aim to play an integral role in a modern Indian’s financial life, ETMoney has expanded its offerings providing Instant Personal Loans through its app along with Insurance products via ETInsure. This has helped to grow its total transactions across all services to an annual figure of over Rs 2,100 crore which is growing at 200% every six months.