Sundaram Mutual has mopped up ₹650 crore through the new fund offer of Bluechip Fund, which closed subscription on October 1. The fund will reopen for subscription on October 14.
The open-ended Sundaram Bluechip Fund attracted investment from over 46,000 investors spread across 562 cities, despite the challenges posed by the pandemic.
The fund raised through latest NFO is the highest in last one year. The previous two NFOs – Sundaram Equity Fund and Sundaram Balanced Fund – had collected ₹359 crore and ₹485 crore last September and this March, respectively.
The good response for the latest issue was achieved by adopting the digital-first approach to the marketing and investment execution process.
The fund house had used a host of social channels, Google Ads Network, and industry-relevant forums to spread awareness on the new fund offer. It also leveraged over 35,000 distribution franchise by facilitating co-branded collaterals.
The fund house also created a wide range of digital enablers for both its distribution partners and investors.
Sunil Subramaniam, Managing Director, Sundaram Mutual, said about 60 per cent of the applications received through the digital mode has been a strong validation of the Digital First approach.
“Given that Covid had created challenges on the physical infrastructure front for many of our partners, we had necessarily to make the ‘selling and investing’ journey as seamless and paperless as possible,” he said.
In fact, he said the NFO has laid the groundwork to expand business in the coming years in what can be best described as the Digi-Retail Strategy, he added.