34923 - MyUniverseAB Grp

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Summary of Investment Information

Project Number

34923

Company Name

ADITYA BIRLA MYUNIVERSE LIMITED

Date SPI Disclosed

Sep 29, 2014

Country

India

Region

South Asia

Projected Board Date

Nov 3, 2014

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Equity Portfolio Management

Industry

Financial Markets

Previous Events

Approved : Dec 4, 2014
Signed : Dec 19, 2014
Invested : Feb 23, 2015

Sector

E-wallets, virtual banks

Project Description

MyUniverse is an internet based personal financial services platform providing aggregation, analysis, rule based recommendations and transactions to help individuals manage their personal finances. Users can link their bank accounts, savings account, credit cards, insurance, investment accounts etc. on a single platform with a dashboard to manage assets, liabilities, expenses and income.

The platform opens up the possibility of large scale participation in personal financial management - something which has largely been available only to high net worth individuals. In addition, the Indian market is characterized by a low level of financial literacy, high level of savings that generate limited returns and lack of transparency available to the general population on appropriate investment products. MyUniverse aims to empower individuals to make informed decisions about savings and investing for the long term. MyUniverse is targeting all age groups with special focus on 25 to 45 year olds, many of whom are getting their first opportunity, through this portal, to manage finances and implement structured investments.

IFC is considering an equity investment in the company to support the expansion of the existing business in India.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	9.67

Development Impact

1. Driving financial inclusion by increasing accessibility, financial literacy and lowering distribution costs: MyUniverse is providing online personal financial management services to individuals who do not have access to these services. MyUniverse''s initiatives in the area will help improve awareness about personal financial management and help ensure that consumers are able to access the most appropriate financial products for their needs in a cost effective manner. This has the potential to positively impact over 10 million users over the next five years.

2. Improved transparency in the financial investment: MyUniverse is expected to have a significant impact on first time salaried professionals, especially in lower income brackets, who do not have access to sophisticated financial advisers. By providing transparent, rule based, system driven recommendations, MyUniverse allows individuals to choose products that are most appropriate for their financial profiles and not based on commissions that agents receive for selling these products. This is expected to improve the rate and quality of savings, investment activity and overall wealth creation for this under served segment of the population.

3. Demonstration Effect: While online personal financial management has evolved in developed markets, this concept is new to India. IFC''s investment will help in the viability and scaling up of this business and lead to other companies targeting this sector, resulting in further adoption of financial services management in the market.

1. Stamp of approval: MyUniverse is a personal finance portal where individuals need to link their salary, investments and other financial account with the portal for effective finance management. IFC investment in this business and strict adherence to high corporate governance standards will enhance trust of the platform. This will help in driving adoption of this platform in an accelerated manner.

2. Long term partner: Internet businesses have a medium to long gestation period for mass adoption and require significant capital to scale. In this case a long term partnership with IFC will benefit the Sponsor in implementing their long term strategy for growing this business.

3. Access to Global Financial M anagement portfolio: IFC''s partnership with MyUniverse can help it to connect with 65 South Asia Financial Markets client and the 800 Global level clients. These connections will help MyUniverse to increase its depth in providing access to a myriad of financial services products and eventually even expand the platform across South Asia, subject to requisite approvals.

E&S Category Rationale / Risks and Mitigation

The project is an equity investment in an online money management company running web portal and mobile app to provide end to end money management services to the users. The user registers on the web portal or mobile app initially and then links his/her financial accounts like bank savings account, loans, credit cards, investments, insurance, gold etc. to get an aggregated view of his/her scattered finances. Further, it provides an integrated platform to aggregate money, get analysis and rule based recommendations based on financial and risk profile and transact in financial products, pay bills, file taxes etc. all from one place thereby providing a one stop shop for all money management needs of the user.

The company does not render investment advisory services, is not engaged directly in any lending or financing activity and does not have any financial product of its own. Given the nature of business, the project does not have any E&S risk and impact and hence it is categorised as category FI-3. There will be no E&S requirements for the project. The HR practices of the company are consistent with IFC Performance Standard-2.

Contacts

For Inquiries About the Project, Contact

Mr. Rahul Parikh,
Head, Aditya Birla Customer Service Pvt Ltd (ABCSPL).
501, Cello Triumph,
I B Patel Road, Off W.E. Highway,
Goregaon (East), Mumbai - 400063
022-61802828
mailto:Rahul.parikh@adityabirla.com
http://www.myuniverse.co.in

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