Fisdom

Fisdom operates a B2B2C model. It embeds its wealth-technology SDK into the mobile banking apps of 15 partner banks, converting those apps into mutual fund, stock-broking, and PMS distribution channels. Fisdom claims this gives it a presence on 50 million phones; roughly 1 million of those users are active Fisdom customers. It also serves clients directly through its own consumer app.

Fisdom has expanded from direct mutual funds to include equity and F&O trading, IPO subscriptions, National Pension System (NPS) contributions, Portfolio Management Services (PMS) and a private wealth service aimed at high-net-worth individuals. It also provides tax-filing capabilities and in-house equity research with over 3,500 expert-rated stocks.

Fisdom's platform is largely self-directed for retail users, supplemented by in-house research led by Head of Research Nirav Karkera. For the private wealth and PMS businesses, the firm employs over 150 wealth managers who deliver advice and portfolio construction to HNI clients. Co-founders Subramanya SV (CEO) and Anand Dalmia (CBO) lead strategy.

Fisdom has raised $43 million in total funding. Named investors include Quona Capital, a global fintech-focused venture firm, PayU, the payments business of Prosus, and Saama Capital. Quona's Ganesh Rengaswamy has publicly cited Fisdom's partnership-led distribution model as a key rationale for his firm's investment.

Fisdom is all three. It holds the licenses to act as a stock broker and distributes mutual funds, but its core differentiation is as a technology provider: it licenses a wealth-tech SDK that digitises investment product distribution for partner banks. It also directly competes as a retail broker and wealth manager to end consumers, making it a hybrid platform and investment services firm.