MobiKwik Buys Mutual Funds Platform Clearfunds

Kunal Bajaj, founder and chief executive officer of Clearfunds, will lead MobiKwik’s mutual fund distribution business after the acquisition. MobiKwik said it will invest $15 million (Rs 110 crore) over the next year to expand the business. Founded in 2016, Clearfunds uses data analytics and automated processes to help users invest in mutual funds. It has $45 million worth of assets under advisory and allows clients to access over 3,000 direct mutual fund schemes across all 36 fund houses and four registrar and transfer agents.