The AssetPlus Journey: A Tale of Vision, Challenges, and Growth
The Beginning (2013)
In 2013, Vishranth Suresh found himself at a crossroads in his financial life. As a young investor, he had opened a Demat account and started investing in SIPs, only to be overwhelmed by the complexity of managing finances. Just when frustration was setting in, a family member—a Mutual Fund Distributor (MFD)—stepped in with guidance. This uncle, armed with pamphlets and a clear explanation of processes, transformed Vishranth's perception of investments. What began as a daunting task turned into a fascinating journey. Inspired by the impact of this mentorship, Vishranth dove deeper into the world of finance, even earning his certification to become an MFD.
Meanwhile, another young visionary, Awanish Raj, was busy exploring his love for technology at IIT. While Vishranth was mastering finance, Awanish was building tech solutions that turned heads. From developing mobile apps like MediBuddy, which gained recognition in health-tech, to Lyrical, an app that went viral in the Philippines, Awanish was a tech innovator in the making. During their time at IIT, the two often crossed paths, sharing ideas and dreams over casual conversations. Little did they know that these discussions would one day shape a groundbreaking venture.
The First Spark: Combining Finance and Technology
After graduation, both embarked on their professional journeys at Hyperverge, a tech startup. Awanish delved into cutting-edge technological solutions, while Vishranth sharpened his skills in business development. Despite their distinct roles, their shared curiosity about the intersection of finance and technology brought them back to a recurring question: How can technology make wealth management simple and accessible?
For Vishranth, the answer was deeply personal. He often reflected on the guidance he had received from his MFD uncle. What if this mentorship could be scaled with the power of technology? Awanish, with his problem-solving mindset, immediately saw the potential. And so, in 2016, they decided to take a leap of faith. Leaving behind stable jobs, they pooled their savings of just ₹2 lakhs and moved to Chennai to build a platform that would revolutionize financial planning.
The Birth of AssetPlus
Starting small, they decided to act as MFDs themselves to understand the challenges faced by investors and distributors. These early experiences helped them identify a critical gap: MFDs lacked the tools and technology to scale their businesses and better serve clients. Inspired by this realization, they began developing a platform tailored to the needs of MFDs.
In April 2017, AssetPlus was born. By September 2017, with just two people on the team, they achieved an Assets Under Management (AUM) of ₹1 crore.
Their unconventional approach—merging human expertise with digital tools—quickly attracted attention. Industry veterans praised their fresh perspective, and MFDs started seeing the value of their platform.
But the journey wasn't without hurdles. In 2018, SEBI banned upfront commissions for mutual funds, shaking the foundation of the industry. Many advisors struggled to sustain their businesses, but Vishranth and Awanish saw this as an opportunity to pivot. They decided to focus entirely on empowering MFDs with technology, enabling them to offer better services and scale sustainably. This decision marked a turning point for AssetPlus.
A Catalyst for Growth: Enter Venture Catalysts
As the platform matured, the duo recognized the need for strategic support to scale their operations. In 2021, they began exploring partnerships, and by January 2022, Venture Catalysts came on board as one of their first major investors. Recognizing the untapped potential of MFDs in mutual fund penetration, Venture Catalysts not only provided financial backing but also mentorship and access to a vast network of industry veterans.
This partnership proved to be a game-changer. With new funding and insights, AssetPlus expanded its offerings, including tools for onboarding, marketing, compliance, and access to diversified financial products like insurance and fixed deposits. The founders' vision of combining technology, training, and tools (TTT) became the cornerstone of their platform, empowering MFDs to thrive.
Scaling Heights: The Present and Future
Today, AssetPlus has:
- Over 13,000 MFDs onboarded
- More than 100,000 clients served
- Five-year vision to reach 50,000 MFDs and 1 million customers
A Story of Impact
What makes AssetPlus truly special is its focus on empowerment. By placing MFDs at the center, the platform doesn't just provide technology—it transforms lives. Clients experience better financial outcomes, advisors grow their businesses, and together, they create a more inclusive financial ecosystem. For Vishranth and Awanish, it's not just about the milestones or numbers—it's about the journey of turning an idea into a solution that's making a difference.
The story of AssetPlus is one of visionaries who dared to dream, faced challenges head-on, and created a platform that's reshaping financial planning in India. And as they look to the future, one thing is certain: this is just the beginning.