5nance.com plans to raise $15mn from institutional investors

MUMBAI: Online automated financial management platform 5nance.com plans to raise $10-15 million from institutional investors before March next year.

“We have already started talking to some investors. We plan to raise $10-15 million for our Series A round,” Dinesh Rohira, Founder and CEO, 5nance.com said.

“Now, we will look at institutional investors. Right now, the money that we have raised is from HNIs in India, Middle East and US.” 5nance.com provides Robo advisory – automated portfolio advisory services, free of charge.

The company has so far raised $3mn from seed and angel funding. It did its first round of fund raising in July 2012, when it raised half a million dollars from friends and relatives.

It then raised another $1.5 million between November 2013 and May 2014 from HNI investors. Before the portal went live 2 weeks back, the company did its third round of fund raising in July this year, where it raised $1 million from a pension fund via the Mauritius route.