Bangalore: NetAmbit, a financial products distribution company, has raised Rs. 50 crore in a second round of funding. This round of financing is led by Helion Venture Partners. Bessemer Venture Partners, which invested in the company in 2007, has also participated in this round by investing Rs. 10 crore, reports VCCircle.com.
Accoding to the company, the funds will be used to expand into newer markets through diversified distribution channels. The investment is the first by Helion in the financial services sector. The deal is one of the largest stand alone investments by Helion, said Rahul Chandra, Director with Helion in an interview to VCCircle. Though the company will continue to focus on the Indian market, it will ontinue to expand its product offering in the future.
“We expect the growth trajectory in the financial products distribution business to continue to be steep in the foreseeable future as a larger proportion of household savings migrate from traditional financial savings such as jewellery and bank deposits to those products that reflect modern day risk and return potential," said Chandra, who will join the board of NetAmbit.
Noida-based NetAmbit follows a 'hub and spoke' model of distribution in the insurance and financial products industry. Founded in 2000, NetAmbit plans to use its position in life insurance distribution to cross-sell other financial products such as general insurance, mutual funds and loans. NetAmbit currently has a network of over 3500 workstations, 600 field agents and 105 sales locations.
"We see the investment by Helion as a strong testimony to our business model and our ability to scale up the business quickly," said Girish Batra, Chairman and Managing Director, NetAmbit.
Accoding to the company, the funds will be used to expand into newer markets through diversified distribution channels. The investment is the first by Helion in the financial services sector. The deal is one of the largest stand alone investments by Helion, said Rahul Chandra, Director with Helion in an interview to VCCircle. Though the company will continue to focus on the Indian market, it will ontinue to expand its product offering in the future.
“We expect the growth trajectory in the financial products distribution business to continue to be steep in the foreseeable future as a larger proportion of household savings migrate from traditional financial savings such as jewellery and bank deposits to those products that reflect modern day risk and return potential," said Chandra, who will join the board of NetAmbit.
Noida-based NetAmbit follows a 'hub and spoke' model of distribution in the insurance and financial products industry. Founded in 2000, NetAmbit plans to use its position in life insurance distribution to cross-sell other financial products such as general insurance, mutual funds and loans. NetAmbit currently has a network of over 3500 workstations, 600 field agents and 105 sales locations.
"We see the investment by Helion as a strong testimony to our business model and our ability to scale up the business quickly," said Girish Batra, Chairman and Managing Director, NetAmbit.
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