Keralite duo’s startup fundfolio secures American VC funding

Kochi: Fintech company, fundfolio, housed in the Kalamassery Startup Village, has received a funding of Rs.92 lakh ($ 1.5 US) from American venture capital (VC) fund firm, YCombinator. After receiving this seed fund, fundfolio is now registered as a company in America.

This is for the first time that a startup firm working for Malayali clients has been selected for investment by YCombinator.

Its main product is ‘marketfeed’ App which helps ordinary people invest in stock markets on a collective basis. The unique idea of marketfeed is that experienced players give practical tips to newcomers through this App. Both the established players and newcomers also jointly invest in shares.

Almost 1,000 customers, hitherto, got introduced to the share market through this start-up.

The fundfolio also offers its clients facility for filing IT returns.

According to ‘fundfolio’ founders Sharique Samsudheen and Sooraj Elamana, 80 percent of investments made through marketfeed earned profit even when there were huge losses reported from share markets overall.

Sharique is an alumni of NIT, Jamshedpur, while Sooraj passed out from NIT, Raipur. Both of them took to stock markets after completing their studies.

The startup came up in 2010 under Kalamassery Start-up Mission Village. Almost 40 professionals are currently employed in the firm.

IIT FUNDING FOR CYBER SECURITY STARTUP

Another Keralite cyber security startup, Technisanct, has got innovation funding from C3iHub of the IIT, Kanpur.

The funding includes a startup grant of Rs.22 lakh and a fellowship funding.

Nandakishore Harikumar, Dinson David Kurian and Rakesh Aikkara are the founders of the startup.

C3iHub aims to put in place a foolproof digital security system in the country. In this era of digitisation, the hub acts as a platform for encouraging the growth of cyber security startups. C3iHub also supports startups to analyse security issues in cyber physical systems and rectify it by developing tools with the support of the System Architecture.

The funding from C3iHub will equip Technisanct to attract more investment, apart from diversifying its operation at the international level.

C3iHub gives funding to startups through its incubator partner ‘First’.

Thirteen firms that work in the area of big data cyber security have won the C3iHub funding this time.

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