Paisabazaar crosses Rs 1000 crore of asset under management through its MF portfolio

BENGALURU: Online marketplace Paisabazaar said that total assets under management (AUMs) garnered through its Mutual Funds product crossed the Rs 1000 crore mark last month and they are on track to reach Rs 1500 crore of AUM by March 2018.

Paisabazaar launched Mutual Funds on its platform in April, 2016 and has over 20 partners, which includes India's top asset management companies, on board. Paisabazaar's Mutual Fund business provides investment solutions to retail consumers as well as specialized advise to HNIs and institutions.

"Paisabazaar.com has created a complete spectrum of financial products to cater to all personal finance needs of our customers. While we are the market leaders for lending products, our investment portfolio too has witnessed over 3X growth since launch. From an industry point of view, Mutual Funds AUM have grown by over 30% in the last one year and this reflects strongly in the rapid growth of our Mutual Fund product. Today, customers from over 650 cities and towns in India buy Mutual Funds from our platform," said Naveen Kukreja, CEO, Paisabazaar.

Kukreja further said that Paisabazaar adds more than 4000 new Mutual Fund customers and over 6000 SIPs every month.