One of the most important problems faced by Indians is investing the money. When it comes to investing the hard-earned money, people get overwhelmed due to the number of options available to them or do not have the time or expertise to decide the right plan suited to them, or some are not sure about their financial goals. People rarely think of investing in goals like comfortable retirement, new home or children’s education.
Swapnil Bhaskar, Ankur Choudhary, and Savitri Bobde together in an attempt to solve this problem created Goalwise in 2015. Goalwise is India’s first goal-based investment platform. The online investment service helps the users to invest according to their financial goals. In February 2016, the product was soft-launched and based on their success the team closed the $1 M USD funding from Angel Investors.
About the Owners
Swapnil and Ankur are from IIT Kanpur. Savitri is from St.Xavier, Mumbai. Swapnil has several years of banking experience in personal. Ankur has six years of experience in leading Indian and global investment management firms as a portfolio management. Savitri has a six-year experience in education research space.
Concept Behind Goalwise
The Chief Investment Officer of Goalwise.com, Ankur explains that investing is for everyone, but no one follows. To do so one has to set goals and systematically work for it. But this is not easy to do so. This is where Goalwise comes into play. Goalwise shows the results once the users choose their goals. It creates allocates savings according to the risk level selected by the users, creates the investment plan for each goal, invests in performing Mutual Fund and tracks the investment till the user achieves the goals. According to the co-founder, Goalwise is a free online intelligent personal investment manager.
Growth of Goalwise
Swapnil adds that in India, Investing is totally broken. His experience accumulated over years to inspire Goalwise.com. The team themselves use the site for saving financial goals. The team also declares the brokerage that the website earns from the Mutual Fund Companies.
The users can also change investment per month, time horizon, and risk profile to see the effect of changes in the goal projections. The team has designed their own algorithm.
From February – April, the company had a soft-launch. This soft-launch focussed on tax-saving goals. Hundreds of users from various age groups registered on the website, among which most of them made a one-time investment in Equity Linked Savings Schemes. Some users also started monthly SIP plans with as little as 1,000 rupees. The users were from varied employment backgrounds which included government officials, defense officials, Google employees, McKinsey employees, Oracle employees and Reliance employees.
With the successful launch of Goalwise on May 15th, the users were able to create their own goals for maximization wealth. The team has been receiving good reviews from the investors who are happy with the website. The portfolio recommendations are from top ten mutual funds companies like ICICI Prudential, Birla Sun Life, Franklin Templeton and Axis Mutual Fund. During the funding process, the team got the support from Dexter Capital. The funds will be used to increase technology and operations efforts. The team is now seeking to convert the Indians to savvy and organized goal-based investors.