NJ India Invest Pvt. Ltd is one of the India’s largest mutual fund distributors. The headquarters of the firm is situated in Surat. It was formed back in June 1994, by two college pass outs Neeraj Choksi and Jignesh Desai. Both the founders saw some scope and future in the mutual fund’s sales, which many others were not able to see with a clear vision. Now the company has built a business with over INR 47,500 crore of assets.
Last year NJ India Invest topped the annual commission flow list. This list was declared by Association Mutual Funds of India. This is not the first time for the company, from past 7 years, it is the same case for NJ India Invest.
How it all Started?
Any business is successful if it enters the field at the right time, and there are many examples of the same. NJ India Invest also entered the market at the very right time. The Founders were roommates, Desai was pursuing his degree in Engineering while Choksi in Business Management. While they were roommates they decided to work together, and soon they became brokers and distributors for different financial instruments.
It was quite tough to survive. Earlier they had a really small office at just 2800 sq. ft. Before the success began they even sold fixed deposits and even financed some cars, trying their luck in that industry also. By the end of 1995 around 11 private-sector fund houses steeped into the Indian market. It was really tough for getting investors for the mutual funds, and it was around equally tough to make them invest in some an instrument which is for sure not going to lend them any return in the near future.
Soon after they got a Navsari-based distributor who used to deal with fixed deposits, and was quite interested in Mutual Funds. The Navsari based distributor was having his vision clear about Mutual Funds. He soon gathered around INR 20-lakhs for investment in Mutual Funds. Soon after he called for around 100 forms of different schemes that NJ India Invest was providing. Soon this value increased from 100 applications to plus of 5000 to 10,000 applications.
This was just a starting for NJ India Invest Pvt Ltd. Now they started to top in a lime light area. Talking about some of the big leaps that NJ India Invest made due which they are the best in the Industry after 20 years.
Talking about the Big Moves
As any firm grows big, they need a number of working hands with them. If something is growing people will themselves be joining hands to get some profit shares for them too? NJ Invest India started to build a network of partners who were distributors who were trying to expand as their future plans. They went with distributors because they were not having enough funds to afford people with a fixed salary. Hence, they went with the distributor setup where they shared commissions with them.
NJ India Invest was a small company back then; hence they didn’t go to big colleges to hire a number of people. Rather, they hired Manish Gadhvi, who is head of Mumbai Operations currently, way back, he joined as a unit manager. One of the most important things is NJ India Invest was never a big company and is still not, the vision in everyone’s eye of making it a big company is clear, but the way they dress and even the founder Desai, never gave a look of a multinational company. Rather, they believed on showing with the performance, not with the outfit. They hired unit managers to stepped partners, and even to make new partners across India. Gadhvi and other colleagues who were constantly working to make partners and were kind of getting succeeded made Desai believed about his business plans being in the right direction.
NJ India Invest also has two floors of their headquarters dedicated to a team full of technical members, who keep on working towards the technology behind the success of the company. NJ Invest India also has a system based on artificial intelligence, which will determine if the clients can be sold off based on the age, risk profile and current portfolio of the client. The system is designed by the technology team hired by NJ.
NJ India Invest was growing and was introducing different things such as the ability for investors to transfer their assets or funds from one distributor to other, and different things for distributors just to keep them engaged and to make more and more profits from more distributors and more investors in the mutual funds market.
Future Plans of NJ India Invest
They will still be focusing on Mutual funds and they are not going to change their focus. NJ India Invest currently is also taking interest in real estate markets. Now the company will even offer you Loan based on the assets you have in the mutual fund market. With the digitalization, NJ India Invest also looking forward to digitalizing the mutual funds market. They will stop accepting the offline request and will convert to a full online market from 2018. If you need to invest in NJ India Invest’s mutual funds then you need to have a Demat account and you must have done a couple of transactions with BSE Star Mutual Fund platform.
Till now India used to consider two cities, Mumbai & Delhi as their two most important cities, and if you need to be successful you need to be in those cities or need to go ahead and make a headquarter and have some great workforce in the offices there. NJ Invest India made it quite clear that if you have the vision to move forward you can do it from any city of India.