Aadishree Pujari
Often it happens that we worry about our money- our investments, mutual funds and other monetary stuffs. We get confused and spend lot of time researching a lot of banks, investment plans, mutual funds advisers, etc. Well, if you need any more financial advice from experts, check out this cool new site Moneyfrog.in.
Moneyfrog.in is a Robo financial advisory firm, started in 2014 by Manoj Chahar and Mushtaq Kazi. Manoj Chahar has previously worked with Kotak Securities, IIFL group, and Philips India. Mushtaq Kazi has designed the working of the Moneyfrog portal as well as the advisory desk.
Moneyfrog.in is a mobile-cum-web platform designed and developed to help customers manage, view and track investments, life goals and an execution platform to buy-sell mutual funds online.
Changing the traditional way of power staying in the hands of banks and brokers, firms like Moneyfrog are starting a new trend in the financial industry. Financial experts and business advisers work together in such firms to provide the customers with the best suitable deals according to their needs.
Digital Marketing Head of Moneyfrog, Harshada Kadam said, “We are helping investors from ‘Product-Push’ approach to ‘Goal-Pull’ approach. Our business has evolved out of prevailing vacuum of managing investors financial well-being & risk. Existing product (push) approach used by financial brokers & retail banks does not cater to individuals’ “financial goals & required risk-cover”.
We have leveraged technology to marginalize probable mis-selling resulting from human greed & judgmental error. We have designed a dynamic, algorithm based, robo advisory platform (web & mobile) that maps individual’s financial goals to the best available investment avenues at a given point of time.”
The idea of Moneyfrog came into picture after the founders saw the deficiency of such advisory firms in the market when they themselves needed monetary advice. So they started developing a firm which would help the customers to have entire investment data under one roof life goal, mapping, tracking & shortfall planning above all, advice based on customer data points.
One and half years since the site was originally started was spent on development, testing & working on various projects. Since the last six months, the site has been more focused on business and their revenue currently stands at 40% of their cost. 450 customers have subscribed to their paid services or transacted online. Their annual per customer revenue stands at 5K. (registered base 8000+).
Here is a look at their startup journey !
The company has set a few goals for itself in near future. Customer acquisition/ marketing to become more aggressive – to touch 5000 paid customers mark or 10fold , break-even on monthly cost soon – target Dec 2016, Mobile app 3rd release to go live before Diwali. They are currently looking for investors and funding to acquire more customers.