23 karma · joined September 22, 2016
Also regarding your investments. They are all in your name. You get the final allotment statements directly from the fund houses to your email. You can also generate consolidated investment statements by yourself. So in absence of Piggy you can still buy and sell your investments. We've just made it easier for you to do so.
How do you differentiate between the two plans? Look for the word 'Direct' in direct plans of mutual funds.
We focussed most of our efforts on mobile till now because as a country we skipped desktops and jumped to mobile first.
Regarding demat for Mutual Funds let's look at it this way. NonDemat MutualFunds is also paperless and you get consolidated mutual fund statements nowadays. So there is no additional advantage of investing in only funds via Demat route plus you have to pay for it.
Less than 1 % Indians have participated in capital markets and mostly through mutual funds. So at this point our focus is on keeping things simple.
Also We focussed on building an easy to use app with seamless transaction platform that supports all fund houses first. The cake is in place. We will be adding a lot more over this.
Thank you for taking time out for all the detailed feedback!
Infact this has been our prime focus at Piggy. We have been optimising and automating our operations as much as possible to ensure that the users never face any trouble. And we completely support our customers with any issues and sort them out as we work closely with the exchanges and other intermediaries.
Why YC made sense to us was because of it's network of super smart people who have seen a lot, done a lot. We want to build a really good product that solves a big pain point in India. YC helps tremendously in building good products with it's people and resources at hand. Also it is a great environment for founders to learn things in a concentrated way beyond tangible sources such as books, videos and blogs. It becomes like a bootcamp for us. In the end founders are people who need to keep up to build a great company! :) YC gives a jumpstart. All the trust building with customers will come by providing a great service first, then by all the traditional and non traditional media means.
Regarding your point on ETF you're correct. ETFs are a low cost option in the long run and are ideal for retirement. But that is primarily true in developed markets currently where it is difficult for most managers to beat the indices. In India atleast for now actively managed mutual funds are providing more returns than the index. As our markets develop we would converge with the trends of the developed markets.
Having said that we would definitely be adding meaningful products for our customers on the app! Do give it a try and let us know what you think.
Our current target audience are working professionals between the ages of 25-35. A lot of them invest in substandard products and get ripped off or just let their money lie in their bank accounts
Having said that we get users from a wide spectrum from older business professionals in small remote towns to students looking to start saving early.
Our power users understand various kinds of mutual funds, basics of asset allocation and know that direct plans will definitely earn more returns. These users would love Piggy's ease of use, automated portfolio tracking and powerful search and filter options.
Account opening is completely online. We need your PAN card, Address Proof, Photograph, Signature on app and a Bank account proof.
Since we do the full KYC it will take upto 3 business days for your account to be active.
For an existing KYC user the account is activated on the same day.
The web app is getting ready as we speak! It should be live in a week.
Important Difference. 1. Coin is based on Zerodha's kite platform and requires a demat account for investments. There are multiple disadvantages of using a demat account for mutual funds, one of them being transaction costs on every transaction from demat as well. The others are difficulty in estate planning and also your movement options to other services would be restricted if you don't like Zerodha services. 2. Try searching for popular Franklin funds on Zerodha! :) 3. Piggy is mobile first.
Would love more feedback from you!
We don't take these hidden commissions. We charge a one time fee.
Also Scripbox offers a limited set of funds while we offer products from all fund houses. So even an expert user would be able to use us and wouldn't be limited by an algorithm.