Bangalore-based personal finance management startup Fisdom has raised Rs 25 crore in its second round of institutional funding led by Quona Capital. The company also saw participation from existing VC firm Saama Capital which led the first round last year.

Founded in 2015 by former venture capital investor Subramanya SV and former investment banker Anand Dalmiai, Fisdom is a platform that allows users to make financial and investment decisions for long-term financial planning. The platform allows its consumers to discover and make mutual fund investments using a mobile app. It has partnerships with banks for sourcing investment schemes.

Earlier, the startup had raised $1 million in funding from Saama Capital in October last year, and $500,000 in seed funding from a cluster of angel investors including Silicon Valley-based venture capitalist Rob Chandra, CommonFloor co-founder Sumit Jain, TaxiForSure co-founders Aprameya Radhakrishna and Raghunandan G., and others.

On the revenue model, he said Fisdom app is free for retail customers and its revenue comes from fee income which varies from 0.5 to 1 percent of the invested fund from its institutional customers. In last one year, the startup claims to have facilitated one lakh mutual fund investments worth more than Rs 100 crore in assets.

The company that focused on mutual funds so far is now planning to use latest funding amount to bring more financial sector products like insurance and National Pension Scheme (NPS). Besides, the startup also wants to improve its technology, product development, expansion and customer acquisition.

According to Fisdom, Indians have more than $1.35 trillion of their wealth in low yield bank deposits and often don’t invest in capital markets for various reasons — such as low financial literacy, low trust in market dynamics.

Abhishek is a startup ninja who has spent his time meeting entrepreneurs and helping them tell their stories efficiently. You can find him biking around in his past time. Based out of New Delhi, he is a geek at heart, gadgets are his toys and internet technology is what keeps him going. Email: