India trip leads to funding for IU alum’s company
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Indiana University says a 2019 trip to India helped one alumnus make connections that led to a $2 million funding round for the technology company he co-founded. MProfit, headquartered in Mumbai, has developed a software platform that tracks multi-asset investment portfolios in one place.
In October 2019, officials from IU joined Gov. Eric Holcomb and leaders from the Indiana Economic Development Corp. on the trip, which saw the Indiana Pacers play in the first NBA game in India.
In addition to the game, IU and the Mumbai chapter of the IU Alumni Association hosted a networking event that included Indian business leaders and IU alumni living and working in South Asia.
Among them was Manish Jain, co-founder and head of strategic alliances for MProfit, which IU says has been funded without any outside investment for more than a decade.
At the event, Jain met Jatin Karani, a fellow graduate of the IU Kelley School of Business and co-founder of Samarthya Investment Advisors, which would go on to become one of MProfit’s leading investors.
MProfit’s funding round also included participation from Zerodha’s Rainmatter, Enam Holdings, Gruhas Proptech, and Auxano Capital, all based in India.
The company said it would use the funding to accelerate deployment of new features for its platform.
Tony Armstrong, president and CEO of IU Ventures, said Jain’s story demonstrates the potential of expanding the global entrepreneurial ecosystem for both the state and the university.
“Through increasing engagement with Indiana University’s many Indian alumni and partners, we have seen substantial numbers of company founders and funders all across the South Asian region and beyond who are extremely eager to expand their networks and access the kinds of resources, including talent, education, mentorship and investment sources, that can push forward their early-stage ventures,” Armstrong said in written remarks.
IU said venture capital investment in Indiana reached a 10-year high of $38.5 billion in 2021.