India-focused venture fund Helion Venture Partners has invested growth funding of Rs 40 crore in NetAmbit, a financial products distribution company.

In all, the company has raised funding of Rs 50 crore in the present round, which includes Rs 10 crore from its existing investors, Bessemer Venture Partners.

NetAmbit intends to utilise its position in the life insurance distribution market to cross-sell other financial products such as loans, general insurance, and mutual funds. Further, the fund will be used by the company to expand into newer markets through diversified distribution channels.

Speaking about their investment in NetAmbit, Director and Investment Advisor of Helion Rahul Chandra said, “We expect the growth trajectory in the financial products distribution business to continue to be steep in the foreseeable future as a larger proportion of household savings migrate from traditional financial savings such as jewellery and bank deposits to those products that reflect modern day risk and return potential.”

The financial products distribution business, whose current market potential is about Rs 30,000 crore, is expected to triple in another three years, he added. Founded in 2000, NetAmbit has pioneered the direct marketing or ‘hub and spoke’ model of distribution in the insurance and financial products industry.