Subscribe To Print Edition About The Tribune Code Of Ethics Download App Advertise with us Classifieds
search-icon-img
search-icon-img
Advertisement

Finvasia gets FDI from Mauritius-based entity

CHANDIGARH:Chandigarhbased Finvasia Indiarsquos first and only zerobrokerage company offering services in asset management investment banking capital market advisory and currency hedging etc
  • fb
  • twitter
  • whatsapp
  • whatsapp
Advertisement

Vijay C Roy

Tribune News Service

Chandigarh, October 31

Advertisement

Chandigarh-based Finvasia, India’s first and only zero-brokerage company offering services in asset management, investment banking, capital market advisory and currency hedging etc., has announced that it has closed a funding deal with some of the industry’s notable Venture Capitalists, where the majority FDI stake is from Mauritius-based entity of Intrinsic Investments Ltd.

The company received an undisclosed amount against a valuation of Rs 150 crore from the investor in its pre-launch phase. Currently, the company has a team of over 100 people and has offices in Chandigarh IT Park, the UK, Canada and Australia.

Advertisement

“We have received FDI from Mauritius-based entity of Intrinsic Investments Ltd besides others. The fund will be utilised for launching new products which would revolutionise the investment industry,” said Sarvjeet Singh Virk, managing director, Finvasia.

The company also announced that it has received an approval from the National Stock Exchange to offer commercial clearing facilities to Foreign Portfolio Investors (FPI), previously known as Foreign Institutional Investors (FII), Indian brokers and retail clients.

The company’s expertise and commercial clearing membership will further reduce the trading cost for retail clients and high volume traders. Continuing with the legacy of levying zero charges, it will not charge any clearing fees to its retail clients. 

In near future, the company is planning to launch 12 products over the next two years and claims that it will revolutionise the investment industry and the financial sector as a whole.

Tajinder Pal Singh, CEO, said, “We are planning to create a technologically-driven commission-free financial ecosystem in India. We aim to take the middlemen out of an average investor’s portfolio. With the price war sharpening among brokers in India, there is an increasing need to create a technologically-driven ecosystem in the country’s financial space. The 12 products we are going to launch in the next two years will usher in the changes that we have envisioned.”

The company offers “lifetime” commission-free trading in all segments on all exchanges.

Advertisement
Advertisement
Advertisement
Advertisement
tlbr_img1 Home tlbr_img2 Opinion tlbr_img3 Classifieds tlbr_img4 Videos tlbr_img5 E-Paper