Making Investing Simple and Smart for India’s Middle Class: Insights from Anand K Rathi, Co-Founder of MIRA Money

In this exclusive conversation with StartupTalky, Anand K Rathi, Co-founder of MIRA Money, shares how the platform is helping India’s growing middle class manage their personal finances better. With his deep experience in managing wealth for India’s elite, Anand explains MIRA Money’s tech-driven, goal-based approach to investing. He talks about the platform’s rapid growth, the unique needs of its digital-first users, and how it uses data and strong security to build trust. Anand also discusses MIRA’s future plans, offering a clear view of how investing in India is evolving.

StartupTalky: Could you briefly introduce what MIRA Money is and how it is changing the way Indians approach personal finance and investing?

MIRA Money is a tech-first investment platform designed to simplify wealth creation for the everyday Indian. What makes it stand out is its goal-based, index-led investing approach that relies on data, not guesswork. We have built ready-made portfolios using NIFTY 50, MIDCAP 150, and SMALLCAP 250 index funds. Therefore, investors are not chasing hot tips or timing the market. Instead, they are working toward real goals, whether that is a down payment for a house or their child’s education. Everything is powered by our proprietary Quant-on-Index™ framework, which blends index investing discipline with robust analytics to drive long-term performance.

StartupTalky: Considering the target audience is a crucial aspect for any business, could you describe MIRA Money's primary target audience in terms of demographics, financial behaviour, and technology adoption? What data informs your understanding of this audience?

Our core audience is India’s emerging middle class: digitally savvy, first-time investors in their 20s and 30s. These are salaried professionals, freelancers, and entrepreneurs who are looking for simple, transparent investment solutions that help them save for real goals. They are not chasing alpha; they are chasing peace of mind. Our platform usage data shows strong traction from metro and Tier 1 cities, with a growing footprint in Tier 2 locations. Their behaviour reflects a preference for mobile-first interfaces, low-friction onboarding, and educational content that helps demystify finance.

StartupTalky: You’ve had a successful journey managing the wealth of India’s top 1% through Augment Capital. What inspired you to shift focus to India’s growing middle class through MIRA Money, and how is this audience different in terms of needs and behaviour?

After years of working with India’s wealthiest, I realised the same expertise and discipline could unlock wealth creation for a much wider audience: India’s middle class. They do not want complexity; they want clarity. They do not need exotic products; they need transparent, goal-linked strategies. MIRA Money was born out of that insight: to offer the same principles of disciplined, long-term investing that work for the top 1%, but in a format that’s accessible, affordable, and digital-first. This audience is extremely tech-savvy and intent on building wealth, but often lacks the guidance or confidence to start. That is where MIRA steps in.

StartupTalky: What is the total number of users MIRA Money has acquired since its inception, and what has been the average user growth rate on a quarterly basis over the past year?

Mira Money has acquired over 5,000 customers in less than two years. Our average growth rate is around 150%, which is quite high due to our smaller customer base. We experience a growth rate of approximately 100% almost every quarter.

StartupTalky: What is the current total value of assets under management (AUM) or transacted through the MIRA Money platform?

As of March 2025, MIRA Money has crossed INR 250 crore in assets under management (AUM), and what is exciting is that this growth has been completely organic. We are on track to hit INR 600 crore by the end of the year. Our portfolios are built around index funds like NIFTY 50, MIDCAP 150, and SMALLCAP 250. The product focus is clear: no gimmicks, no active fund chasing: just solid, data-driven investing for real goals​.

StartupTalky: What is the average customer acquisition cost (CAC) for MIRA Money? What strategies are you using to optimise user engagement and value?

The Customer Acquisition Cost (CAC) is particularly interesting in our case; it's effectively zero because we do not spend any money on marketing. All of our customers come through content marketing, so our marketing expenses are non-existent, resulting in a CAC of zero. In contrast, many other companies we know have a CAC of around $4,000 to $5,000 per customer.

Additionally, we have observed that the transaction values from the customers we acquire are quite high since they are highly motivated. This leads to a better conversion rate and higher transaction values. While our CAC is skewed because it stands at zero, we actively monitor our portfolio and continually rebalance it, which helps us increase our Customer Lifetime Value (CLV).

StartupTalky: How does MIRA Money ensure high user engagement across its investment offerings? Could you highlight which types of investment baskets or strategies see the most traction among your users?

Our feature focuses on launching engaging investment baskets for our customers based on current market trends. For instance, when market conditions are unfavourable, we introduce a gold basket that tends to perform well. Similarly, when interest rates start to decline, we invest in smart debt funds that focus on long-duration investments. When the market is bullish, we shift our investments towards sectoral funds. We have observed that our customers engage the most with these trending baskets. Recently, there has been significant interest in the smart debt funds we’ve launched, which are designed for long-duration mutual funds.

StartupTalky: What is the average transaction size or account balance for MIRA Money users? How has this metric evolved over the past 1–2 years?

Initially, the customer started with a minimal investment of about INR 10,000. However, over time, as trust was built, the value of construction increased. We began with zero transactions, and now, a significant number of people are using the app to transact amounts exceeding INR 1,00,000, with many individuals averaging around 50,000 rupees in investments.

StartupTalky: In a competitive fintech industry, what key performance indicators (KPIs) do you track most closely to measure MIRA Money's success and differentiate it from competitors?

We are deeply focused on long-term portfolio performance, user retention, and AUM growth. What differentiates MIRA is that we do not chase vanity metrics. Instead, we look at metrics that reflect investor trust: repeat contributions, duration of engagement, and goal completion rates. Rather than performance marketing, content-led growth also means that our growth is quality-led. Users stay because they see value, not because we chase them with ads.

StartupTalky: How does MIRA Money leverage data analytics to understand user behaviour, personalise user experiences, and enhance the security of the platform, considering the increasing risks highlighted by data breach statistics?

From day one, MIRA was built to be a digital-first, analytics-driven platform. Our Quant-on-Index™ framework is a great example. It helps tailor portfolios to specific goals using behavioural and financial data. On the security side, we are uncompromising. We follow stringent compliance protocols and data encryption standards to ensure user information is secure. Trust is our currency, and in fintech, you only get one shot at it.

StartupTalky: Given the evolving regulatory environment for financial services and the increasing focus on compliance, what percentage of your operational budget is currently allocated to regulatory compliance and security measures?

We have been in this business for several years and understand that regulatory compliance is crucial because it builds trust. Generally, we have observed that about 0.03 to 0.05% of our total expenditures go towards compliance, and we believe this percentage will remain stable. This is our current outlook.

StartupTalky: Looking ahead, what are your projections for MIRA Money's user base growth and revenue growth over the next 3–5 years? What are the key assumptions driving these projections?

We believe that we will be able to achieve an Asset Under Management (AUM) of approximately INR 600 crores by the end of this year, with a goal of reaching about INR 5,000 crores over the next five years. This is part of our larger plan, and we expect our revenue to be around 0.6 to 0.7 per cent of the total AUM we manage.

There are two main reasons we are confident in this outlook: first, the market is very attractive, with significant investments and financialisation occurring, which acts as a strong catalyst for our growth. Second, we have over 20 years of experience in asset management, and we are recognised as one of the most trusted brands in wealth management for individuals. We believe these factors will significantly contribute to our success.

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