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Mumbai startup Monitree’s AI-based wealth management platform helps equity investors make money

6 4 26

Only about two percent of equity investments in India generate returns, and that is because of the way traditional brokers manage people’s finances. Wealth management startup Monitree is out to change that.

Monitree Founder-CEO Sumit Chanda is a BFSI insider. In his last role, he was managing business insurance models at PNB MetLife India. Prior to that, he worked at ICICI Prudential, Reliance Nippon Life Insurance, and Bajaj Allianz. It is his 15-year-rich experience in equities, insurance and mutual funds that led him to identify a pain point in the way financial products were bought and sold in India.

“A lot of mis-selling happens and the utility of the product is not clear. Customers are either not aware or not happy,” Sumit tells YourStory. “I have come across instances where a retirement plan was sold as a child plan, or an insurance policy was sold as a fixed deposit. So, when a customer was expecting money, he ended up getting an FD renewal notice instead,” he says.

It is this broken financial retail chain that he set out to fix with Monitree, a Mumbai-based portfolio and wealth management startup that wants people to be their own fund managers.

Sumit Chanda, Founder & CEO, Monitree

Founded in 2016 by Sumit and Pankaj Patel (a financial sector veteran), Monitree has in two years serviced about 50 individual retail investors (whose investment limit ranged from Rs 50,000 to Rs 1 crore), tested PoCs with a few banks and is on the verge of finalising commercial partnerships with them.

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