MProfit: Fintech firm MProfit raises $2 million in funding

Fintech platform MProfit said it has raised $2 million in funding from Zerodha’s Rainmatter, Enam Holdings, Gruha’s Proptech, Auxano Capital and Samarthya Investment Advisors.

The Mumbai-based startup was founded by Kiran Shah, Pallav Bhat, Atik Shah, Ashin Shah and Manish Jain in 2009. It offers portfolio management services that allow investors to aggregate their investment portfolios across asset classes and brokers.

Nithin Kamath, Founder & CEO, Zerodha & Rainmatter said, “We are excited to partner with MProfit as they solve the challenge of enabling investors and wealth professionals to track investments across multiple assets in one place. It can be tedious to consolidate their investment data across platforms, and MProfit helps greatly in automating this.”

The company claims its technology reduces the manual effort of investors, family offices, financial advisors and CPAs by reading trading files such as contract notes from more than 700 stockbrokers and mutual fund statements.

MProfit allows users to auto-import transaction data from different brokers and standardizes data from different sources, to provide portfolio insights such as annualized rate of return (XIRR), asset allocation and capital gains for tax filing.

With the new funding, the company plans to accelerate the implementation of new initiatives and roll out new features, including advanced performance reporting, international asset tracking and API integrations.

“A key motivation for us to build MProfit is rooted in our belief that in India the concept of tracking investments as a family is very important. Investors generally like to track not only individual portfolios but also the family’s overall returns in one place”, said Kiran Shah, co-founder and CEO. The company offers its portfolio management software to investors, HNIs and family offices as well as to wealth professionals such as RIAs, CAs and financial advisors. Those investing less than Rs 50 lakh can use the software for free.The price ranges between Rs 200 a month for people with investments worth more than Rs 1 crore, to Rs 5,000 a month for family offices with larger portfolios.

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