“Built on years of learning from successful TIFIN products, it truly removes the guesswork from investing,” Nambiar said.
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He said MyFi will currently cater to existing mutual fund investors in India, with plans to accommodate new investors in future.
Citing a report from the Association of Mutual Funds in India (AMFI), Nambiar said Indian mutual funds currently have over 8.76 crore SIP accounts, and added 8.1 million new investor accounts in April-May 2024 alone, largely driven by Millennials and Gen Z.
“MyFi aims to cater to the growing investor community in India and intends to expand its platform offerings as new investors embark on their investment journeys,” he said.
MyFi is a subscription-based model with plans starting at Rs 299/month.
Founded in 2018 by IIT-Madras graduate Vinay Nair, TIFIN raised USD 109 million in May at a valuation of USD 842 million.
Headquartered in Colorado, USA, it has about 260 employees globally with over 100 in India.
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