According to data from the Association of Mutual Funds in India, the Mutual Funds (MFs) sector has a total of 11,600 individual distributors added over the first seven months of the financial year 2023-24 (FY24), which is a significant increase compared to the 5,555 distributors onboarded in the entire financial year 2022-23 (FY23). There are over 1.3 lakh operational MFDs in India. However, the level of mutual funds penetration in India remains significantly lower when compared to other markets. The proportion of household savings allocated to mutual funds is only 9 percent, while fixed deposits account for 46 percent and insurance accounts for 22 percent.

However, with the usage of digital banking and financial products growing, advisers now have more access to information. In light of the prospects that have risen around MFs, a great number of companies have emerged with promising services, helping customers navigate through dilemmas. One of these is My Money Panda. A young firm in itself, My Money Panda is currently considered to be one of the most successful mutual fund distributors in the market. It streamlines the investment process by providing portfolios of mutual funds that are tailored to match the investor's risk profile and time horizon.

Customers in this sector face a multitude of challenges in investment like lack of information, lack of proper guidance and risk related to it. “We offer a money planning module where the customers can generate an investment plan in less than seven minutes. In this module, they also discover the answers to the two basic questions. How much you can invest? And how much you should invest? Our research team analyses all the 1400+ MF schemes that are available in the country through an in-house quantitative model. We analyze the funds on various performance parameters, risk-return parameters and consistency of fund manager and skill set. We then build baskets of mutual funds which are back-tested and then curated for different risk profiles”, speaks Aditya Gupta, Chief Trust Officer at My Money Panda.

My Money Panda has evolved as a go-to wealth management platform which provides a unique & simplified investing experience

The founding team comprises four individuals. The organization is headed by a team of IIT graduates that hold a wide range of skills and extensive experience, which enhances the reliability of the investment. Under their leadership,today, My Money Panda has evolved as a go-to wealth management platform which provides a unique and simplified investing experience. “We have a dedicated research team that regularly tracks the market and product updates. Additionally, they keep a close eye on our MF baskets and make sure they are kept up to date. We differentiate ourselves from the other platforms by focusing on trust, simplicity, and customer engagement. Some of the most important aspects of My Money Panda are the provision of a personalized plan, the assignment of a dedicated Relationship Manager to each client, and the establishment of a quantitative framework for the evaluation of mutual funds”, says Ankit Garg, Chief Simplification Officer at My Money Panda.

Future Roadmap

My Money Panda has experienced growth in both its customer base and revenue generation throughout the years. The progress made thus far in the voyage of growth has been satisfactory. Within a year, the company is handling over Rs.370 crores of assets under management (AUM) across more than 400 clients, with a systematic investment plan (SIP) book of Rs.1.25 crores. The company's primary aim in coming years is to streamline financial matters for the general population, allowing the true essence of India to reap the benefits of the captivating narrative of the 21st century.