Fintech Platform MProfit Raises $2 million

Fintech platform MProfit said that Zerodha’s Rainmatter, Enam Holdings, Gruhas Proptech, Auxano Capital, and Samarthya Investment Advisors gave it $2 million in funding.

Kiran Shah, Pallav Bhat, Atik Shah, Ashin Shah, and Manish Jain started the company in Mumbai in 2009. It offers portfolio management services that let investors combine their investments from different asset classes and brokers into one portfolio.

Nithin Kamath, founder and CEO of Zerodha and Rainmatter, said, “We are happy to partner with MProfit because they are solving the problem of letting investors and wealth professionals track multiple investments in one place. It can be time-consuming to combine investment data from different platforms, but MProfit makes this process much easier.

The company says that its technology reduces the amount of manual work that investors, family offices, financial advisors, and chartered accountants have to do by reading trade files like contract notes from more than 700 stockbrokers and mutual fund statements.

MProfit lets users automatically import transaction data from different brokers and standardises data from different sources to give portfolio insights like annualised returns (XIRR), asset allocation, and capital gains for tax filing.

With the new money, the company wants to speed up the rollout of new projects and add new features like advanced performance reporting, tracking for international assets, and API integrations.

“One of the main reasons we made MProfit was because we think it’s important for families in India to keep track of their investments together. Kiran Shah, co-founder and CEO, said, “Investors like to keep track of not only their own portfolios but also their family’s overall returns in one place.”

The company sells its portfolio management software to investors, high-net-worth individuals (HNIs), family offices, and wealth professionals like RIAs, CAs, and financial advisors. The software is free for people who invest less than Rs 50 lakh. The price ranges from Rs 200 a month for people with more than Rs 1 crore in investments to Rs 5,000 a month for family offices with larger portfolios.

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