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The funding round also saw participation from Luthra Group and follow-on investments from existing investors SVL-SME Fund (managed by SBI Ventures Limited), Rainmatter Capital, and 8X Ventures Fund I.
The startup plans to use the fresh funds to expand its team and enhance product capabilities among others.
The fresh capital will be used towards scaling PMS operations, deepening its research capabilities, and rolling out new products.
The founders of PensionBox, Kuldeep Parashar and Shivam Parashar, will collectively retain 48% stake in the company following the acquisition.
Eight Roads Ventures and Rainmatter Fund participated in the funding round.
Rainmatter has acquired 9% stake in the company as part of the investment.
This is Capitalmind's first institutional funding round and it comes after the launch of its mutual fund business.
