A once promising Indian finance startup, Moneysights.com, announced today that it is shutting shop and will not be operational from today. Users of the site reported difficulties in accessing several features in June, including access to stock value quotes, portfolio values, etc. In an email statement circulated to users today, the Moneysights team said that “running moneysights has turned an economically unviable & practically impossible proposition”.
This is a sad end for a startup that wanted to disrupt the Indian finance space. Founded by top talent from successful Indian startups, InMobi and Burrp, Moneysights wanted to make it easier for consumers to discover and invest in financial products. The first offering was mutual funds, and while the startup had many ambitions, it sputtered to a halt after running out of money. Moneysights had earlier raised $270k in funding from Blume Ventures and Naveen Tewari.
Image credit: Ben Leto