Goalwise Lets You Invest in Mutual Fund Based on Your Goals

Goalwise Startup Success Story

Startup Name Goalwise
Headquarter Bengaluru
Founders Swapnil Bhaskar, Ankur Choudhary & Savitri Bobde
Sector Mutual Fund Investments
Founded February, 2016
Parent Organisation Alphafront Finserv Private Limited

What is Goalwise
Mutual Fund Industry Details
Goalwise Founders and Team
How was Goalwise Started
Selecting Name and Logo for Goalwise
Business Model and how Goalwise works
Goalwise Revenue Model
Goalwise - User Acquisition
Goalwise - Funding and Investors
Solving startup challenges @ Goalwise
Goalwise - Competitors
Goalwise - Awards
Goalwise - Future Plans

About Goalwise

Every investment is made with a goal in mind. Be it for buying a house, for children’s education or for going on the world tour that you always wanted. Though we all save money to achieve our goals, due to lack of time or investment related expertise we fail to make the most out of our savings. This is where Goalwise comes into play.

Goalwise is a Fintech startup based out of Bangalore. Goalwise ensures hassle-free, goal-based mutual fund investing. Goalwise helps people invest for their financial goals according to their risk profile without them having to worry about asset allocation, mutual fund selection, etc.

Mutual Fund Industry Details

According to AMFI data, assets managed by the Indian mutual fund industry have grown from INR 22.71 trillion in March 2018 to INR 24.58 trillion in March 2019. That represents an 8.25% growth.

Again, the Mutual Fund industry had added about 9.13 lacs SIP accounts each month on an average during the FY 2018-19, with an average SIP size of about Rs 3,070 per SIP account.

Relevant Read: Moneytap - Loan upto Rs 5 lacs is just a finger tap away.

Goalwise - Founders and Team

Goalwise was founded by Swapnil Bhaskar, Ankur Choudhary and Savitri Bobde in 2016.

Swapnil Bhaskar is the CEO of Goalwise. He is responsible for spearheading the company’s overall vision and growth and he also heads its Financial Advisory department. Swapnil graduated in Chemical Engineering from IIT Kanpur in 2007. He is also a SEBI RIA (Registered Investment Advisor) and a NISM certified Retirement Advisor. Prior to establishing Goalwise, he worked as a field engineer at Schlumberger where he worked for 4 years abroad and then as a Manager at the State Bank of India where he worked for 3 years across multiple verticals of retail banking. Additionally, he is also a Certified Associate of Indian Institute of Bankers (CAIIB).

Ankur Choudhary is the CIO of Goalwise. He is responsible for creating investment strategies including Mutual Fund selection and asset allocation strategies, while also overseeing the product and content functions. Having graduated from IIT Kanpur with a B. Tech degree in Computer Science and Engineering, Ankur went on to work as an investment strategist at Oxus Investments, New Delhi and then as a Quantitative Researcher (Algo trading) at WorldQuant, Mumbai. Along with possessing outstanding academic credentials, Ankur also holds the distinction of co-authoring a book on a statistical analysis of cricket titled Criconomics.

Savitri Bobde is the COO of Goalwise. She is responsible for overseeing the execution of all initiatives undertaken by the company and guiding the operational processes of all departments. Savitri holds a Masters degree in Development Studies from the Institute of Development Studies, University of Sussex. She also holds a Bachelor’s degree in English literature from the esteemed St. Xavier’s College, Mumbai. After completing her education, she spearheaded the assessment unit at ASER Center, Pratham where she was involved in designing and implementing large scale assessments across India, including the flagship ASER survey that reaches approximately 600,000 children each year in almost all districts in the country.

Goalwise currently has a team of 20 employees. Every employee is offered ESOPs to make them feel inclusive in the company’s growth.

How was Goalwise started

It was in 2015 when Ankur was looking for some good and hassle-free options to invest his money. However, to his disappointment, he did not find any investor friendly platform in India. Though, he noticed that there were some online platforms in the US who were using cutting-edge technology to deliver a fully managed solution to US investors.

Meanwhile, Swapnil was working in the banking sector, where he witnessed rampant mis-selling.  The scenario struck the mind of the two youth, and they wanted to do something to make a difference. And finally, one day over a call Ankur and Swapnil decided to start Goalwise with the dream of making hassle-free, transparent, world-class goal-based investing and financial planning accessible to all Indians.

We did a lot of market research before we started up and found that people connected better with their goals than with just Mutual Funds. Hence we launched Goalwise as a goal-based investing platform. In the market research days, we even promoted our competitor’s platforms within our target audience in order to uncover the objections people had with them. Even today we have a lot of conversations with our customers on a daily basis so that we never operate in a vacuum. We initially started operations from Delhi but then moved to Bangalore because of the tech talent availability (and better weather!).

The name of the parent company is Alphafront Finserv Pvt Ltd and alpahfront.com was the name the company first started with during the market research phase. The name was later changed to Goalwise keeping in mind the goal-based approach the company follows.

As we zeroed in on the concept of goals and financial planning, we came up with a shortlist of a few names like Goalwise, Finmiles for whom the .com domain names were available. We did a quick poll amongst our friends and although Goalwise was not the top choice because it did not sound not money related, we decided to go with it based on our gut feeling. And it seems to have turned out well for us.
Goalwise Logo

Goalwise Business Model and How it Works

Goalwise offers its customers a ‘set and forgets’ goal-based investing platform that manages all aspects of investing including fund selection, glide path, portfolio rebalancing, target tracking for goals and more.

It is a zero-research-required platform as investors don’t need to bother about selecting or changing funds. All of that is taken care of by the in-built digital advisory. Apart from seamless investment solutions through its website and app, Goalwise also facilitates one-on-one personal finance planning led by its team of in-house financial experts.

A personalized goal plan is generated after considering the customer’s age, savings, suitable risk profile, target amount and the time horizon. The plan consists of the amount one would need to invest every month, the Mutual Funds the person should invest in and what the asset allocation (debt and equity) should be.

Goalwise’s advisory engine (GoalSenseTM) continuously monitors the investments to ensure that the investor is on track to achieve the set goal.

Unlike our competitors that are mostly DIY platforms urging investors to do their own research after bombarding them with conflicting options, Goalwise comes as a respite where zero research is required by the investors.

Some of the USPs of Goalwise plans are -

  • One click Portfolio Re-balancing– It helps investors maintain the original desired level of asset allocation, and all the required re-balancing transactions for meeting the customer’s investment goal is done with just a click.
  • Tax Gain Harvesting- It helps the investors in systematically utilizing the 1 lakh equity LTCG ( Long Term Capital Gain) exemption available every financial year to lower the overall tax liability.
  • On-track/Off-track goal tracking- It helps the investor keep a track of his goals.
  • One-on-one financial planning by in-house financial planners- Goalwise focuses on providing the best investment experience be it via our beautifully designed product or our prompt and knowledgeable customer service.

Goalwise - Revenue Model

Goalwise’s revenue model is straight-forward. The company operates as distributors and financial advisors and get a small % fee (known as trail commission) from the Mutual Fund companies where investments are made. The investors don’t have to pay anything directly.

Goalwise - User Acquisition

According to Ankur, marketing was never a priority for Goalwise. The company focused on doing the right thing for its customers. The company acquired its first 100 customers from within friends and family. Soon, Goalwise was able to attract many customers through word of mouth publicity.

Goalwise was covered in some online publications when they announced their seed funding which gave them more visibility.

Another channel was content – Goalwise publishes content related to personal finance and investments on their blog as well as on other websites, which helped them get in front of more customers.

If I had to pick one thing that really worked well for us, it has been word of mouth and referrals. Because of the focus on product and service, we are today the best rated Mutual Fund app and we have grown to more than 25,000 sign-ups just by word of mouth.

Currently, Goalwise has customers across India, and also have NRI investors from Middle East, Singapore and Europe.

Some of the major achievements of Goalwise are -

  • 25,000 registered users across 400+ cities.
  • 20,000 app downloads
  • AUM to the tune of INR 130 crores
  • Highest rated Mutual Fund app on the play store and our combined rating across platforms is about 4.7

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Goalwise - Funding and Investors

Goalwise has raised seed funding worth US$ 1 million in 2016 from Angel Investors.

Date Stage Amount Investors
May 2016 Seed $1 M Angel Investors
We were quite fortunate with the kind of investors we got on board as they have been extremely helpful and supportive throughout the whole journey - Ankur, CEO Goalwise

Solving Startup Challenges @ Goalwise

According to Ankur, one major challenge that Goalwise faced was of bringing the entire KYC process online. KYC for Mutual Funds requires an almost 20-field form, 2-2 documents and in-person verification. This was in 2016 so there was no Aadhaar-based KYC. We spent a considerable amount of effort in building out the entire KYC process online which included online video recording and were one of the first platforms to provide that.

Besides, some other challenges are the lack of financial awareness and education in Indian society. Overall, Mutual funds are still at a nascent stage in India with only 2% of the population investing in it.

According to Ankur, a lot of efforts are needed by everyone in the industry to make the Indian population more financially educated so that everyone can make better decisions with their money as there are many Indians who still are only limited to investing in gold, real estate, etc.

Goalwise - Competitors

Some of the competitors of Goalwise in the Indian Industry are, Fundsindia, Scripbox and Zerodha Coin. However, apart from Scripbox, all the others tend to be DIY platforms where the investors are supposed to do their own research.

None of our competitors including Scripbox, provide true end to end goal based investing which includes features like glide path, portfolio re-balancing and goal-tracking.

Apart from that Goalwise also recently released a Tax Gain Harvesting feature which is the first of its kind in the industry. Goalwise takes inspiration from similar platforms outside India like Betterment and Wealthfront as they keep raising the bar in terms of user experience.

Relevant Read: Moneyfront- Tailor made investment plans for you

Goalwise - Awards & Achievements

Goalwise has been awarded following awards:

  • Recognized by LiveMint as one of the top 10 promising brands to watch out for in 2018.
  • Awarded by prestigious Mutual Fund companies like ICICI Prudential and Reliance as one of their fastest growing online partners for 2017 and 2018.

Goalwise - Future Plans

Goalwise is planning to add insurance products to its offerings in near future. It will also add more expert financial advisors to its team soon.

Goalwise Website

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About Chayanika Goswami

Chayanika is an MBA in Finance and a trained Digital Marketer. SEO and content writing are her hobbies turned profession. She is a rover. In her free time she loves travelling and cracking jokes.