Few months ago, I took a look at Basis and loved it. Here’s why!
Founded in 2018 by the CEO, Hena Mehta with her childhood friend Dipika Jaikishan, Basis is a tool that guides you with your personal finance. Before starting Basis, Hena worked in the financial sector for almost a decade post her MBA from Wharton.
Basis was built to help women address their monetary needs and set their fiscal goals without being dependent on family members. Traditionally in Indian households, matters related to money are handled by the men and they take all the the fiscal decisions, leading to women not getting exposure, or having much knowledge in the matter.
“The fact that all financial products are defaulted to men, does not make it appealing to India’s women investors.”
As I started my career in 2020, it became imperative to do something with the salary sitting in my account, save it, invest it or spend it (with guilt). Basis caught my eye as it seemed like the perfect tool to help me start off on this path.
The app was quite user-friendly, explaining even the most basic jargon. I wanted actionable advice to help me invest money according to my risk appetite, instead of spending hours on google and trying to figure it out myself, and it delivered. Basis offers help on almost everything related to personal finance, from creating goals to estimating the time period to achieve them. Even esoteric topic of taxation is covered in great detail.
My journey with the app
I started off as a complete novice; I didn’t know anything about investments, apart from the fact that if I let money sit in my account I would lose money to inflation. My parents were my go-to people for advice, but I wasn’t really satisfied with what limited knowledge they had; I also felt like I had a bigger risk appetite and wanted to try out more things. Basis perfectly helped me fill my requirement. I went through all their little explanations and quizzes, and then moved onto setting my goals on the app.
This is where it got a little trickier as I had to plan how long I would be investing my money for and what type of risk would I prefer - it got a little intimidating and I was unsure of myself again. I started browsing the app to see what else they had and found that they could customise all this information based on the reason you want to invest in the first place which made this process of picking my investment duration and risk appetite more comfortable. It’s been 2 months since I started using Basis; I have invested in some index funds and find the idea of investing to be not daunting at all.
More importantly there is a community to make you feel like you’re not the only one who’s confused. During my initial days on the app, I felt apprehensive about asking questions in the community. These soon disappeared since many other users had doubts similar to mine, which I not only found comforting, but also answered the questions that I felt were too silly to ask.
Something I’d love to see Basis do in the future is tell the user some more about the financial products they’ve suggested, and guide the user through the process of investing their money. Even though I loved seeing all the different options I had at after filling out my preferences, a little reassurance on how it actually matches these answers would make me trust the app a lot more.
I would also like to see a step by step guide to actually set up an investment portfolio (I set up mine on Zerodha, would have loved to see what other ways I could have done this)
Contrary to most of your Google search results, Basis actually is a certified investment advisor. For anyone who has questions or is looking for a platform to know more about investing, do check out their app and let us know what you think!