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Paisabazaar aims Rs 1500 cr mutual fund AUM by 2018
MUMBAI: Paisabazaar has announced that assets under management (AUMs) garnered through its mutual funds products crossed Rs 1000 crore mark last month. The organisation says it is confident of reaching Rs 1500 crore of AUM by March 2018.
The fin-tech company launched mutual funds on its platform in April 2016 and has over 20 partners, which includes India’s top asset management companies (AMC) on board. This department provides investment solutions to retail consumers as well as specialised advice to HNIs and institutions.
Paisabazaar.com CEO and co-founder Naveen Kukreja says, “Paisabazaar.com has created a complete spectrum of financial products to cater to all personal finance needs of our customers. While we are the market leaders for lending products, our investment portfolio too has witnessed over 3X growth since launch.
Since last year, the mutual funds AUM has grown by over 30 per cent with customers from over 650 cities and towns. The aim is to get more than 4000 new customers and over 6000 SIPs every month and the focus will remain on creating a seamless investment experience for consumers.
Paisabazaar.com director of mutual funds Manish Kothari adds, “Our mutual fund customers benefit from cutting-edge features and hassle-free digital processes. Along with varied fund choices from top AMCs, we also provide assistance from an expert investment team that assists you to create a customised portfolio according to your needs and profile. Customers may also transact and track their investments on the go on a real-time basis through a personalised dashboard, which is also available on our mobile app.”
ICICI Prudential AMC SVP and head of marketing, digital and customer experience Abhijit Shah believes that Paisabazaa, in a short span, has established itself as agile, trustworthy and customer friendly online financial marketplace. It has emerged as one of ICICI’s most valuable online partners.
It is the only financial player to disburse loans worth Rs 2500 crore in the financial year 2016-17. The company is targeting a 3X growth and aims to cross Rs 6000 crore annualised disbursal run rate by the end of this financial year. It plans to touch annualised disbursal of Rs 25000 crore by 2020.
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UK’s OnlyFans seeks US investor at $3bn valuation after owner’s death
The adult video platform is seeking stability after the death of its billionaire owner
LONDON: OnlyFans is looking for a new partner. The London-based adult video platform is in advanced talks to sell a minority stake of less than 20 per cent to Architect Capital, a San Francisco-based investment firm, in a deal that would value the business at more than $3bn (£2.2bn).
The move is driven by an urgent need for stability. Leonid Radvinsky, the Ukrainian-American billionaire who owned OnlyFans, died of cancer last month at the age of 43, leaving the future of one of Britain’s most profitable privately held businesses suddenly uncertain.
The choice of Architect Capital is not arbitrary. The firm has deep expertise in financial services, which aligns neatly with OnlyFans’ ambitions to offer banking products to its creators, many of whom have long struggled to access basic financial services because of the nature of their work.
The numbers behind OnlyFans are, by any measure, staggering. The platform posted revenues of $1.4bn in the year to 30th November 2024, with a pre-tax profit of $684m, up four per cent on the prior year. Payments to creators totalled $7.2bn over the same period, a rise of nearly ten per cent. Radvinsky personally collected $701m in dividends from the business in 2024 alone, on top of more than $1bn in such payments he had already received. The platform, run through its parent company Felix International, hosts 4.6m creator accounts, with performers keeping 80 per cent of subscription proceeds and the platform pocketing the remaining 20 per cent. It has 377m fan accounts in total.
The current minority stake talks represent a notable scaling back of ambitions. In January, OnlyFans was reported to be in discussions with Architect about selling a majority stake of 60 per cent. Before that, the company had explored a sale to a consortium led by Forest Road Company, a Los Angeles-based investment firm. Neither deal materialised.
OnlyFans has built an enormously lucrative business on content that mainstream finance has long refused to touch. Now, with its owner gone and a $3bn valuation on the table, it is looking for the kind of respectable institutional backing that might finally persuade the banks to take its calls.
