Hi there. I am the co-founder of Harmoney and would like to tell you about what we are building.
A lot of people in India save or invest by simply sweeping their money into fixed deposits. They tend to be afraid of price movements in stocks and do not understand what mutual funds actually invest their money in; they also do not have enough time to research where to put their money.
When we asked investors and people around us, they want to ensure that they get their principal or invested amount back with some return. So it is not a surprise that fixed deposits total more than $ 1 trillion dollars in India! (₹7 crore crores, and yes, you read that right, it is crore crores).
When we began building Harmoney, we realized that while everyone wants to invest in fixed income but there is no good way to go about investing in this asset class apart from bank FDs. If stocks and mutual funds transactions can be done so seamlessly at a few clicks of the button, why not bonds or government securities?
Harmoney is building the infrastructure to enable fixed-income investments in India. We are opening up different types of fixed-income investments such as government securities, corporate bonds, and structured products to everyone – these investments give 1-2% higher returns than a typical FD, sometimes even 3-4% higher.
Anyone who wants to buy or sell a bond or any other fixed income security can use Harmoney.