While the platform was a powerful idea, the venture was put on hold due to funding constraints in 2012.
Times Internet has acquired moneysights, the personal finance platform for an undisclosed amount. Mukesh Kalra and Santosh Navlani, both employees at InMobi, founded Moneysights in 2009. It was launched as a digital platform that enabled consumers to discover, personalise, buy and manage their investments. The company has also raised funding from ex-HP and IBM senior executive Prasad Duvvuri, Blume Ventures and inmobi's Naveen Tewari.
While the platform was a powerful idea, the venture was put on hold due to funding constraints in 2012. Moneysights will now be further developed within Times Internet, and will operate under the leadership of Kalra.
Satyan Gajwani, CEO, Times Internet, says, "Mukesh and team hit upon a key consumer need: a smarter, more transparent way to manage your money. This was moneysights' goal when it started, and we are happy to work together to actualise that vision. Mukesh has great understanding of product and technology, and is passionate about the opportunity. We're excited to jointly take forward this mission."
Says Kalra, "When we were building moneysights, we realised that while we had a strong product and a great team, the key levers for success in the personal finance space were missing - a brand which exudes trust, a distribution channel with access to a large captive audience and a partner with a longer term vision. With Times, all the three levers get completed and hence we have this unique chance to build a hugely successful business in this space."
Times Internet's acquisitions this year include a majority stake in coupon marketplace, CouponDunia in May and taking over restaurant booking service, DineOut, in April. Besides, the company acquired Musicfellas.com, an online marketplace for independent artistes, in February, to enable them to sell their songs.