CashRich, the Mumbai-based wealth management startup has raised INR 7 crores in a funding round from three angel investors based in the United Kingdom.
The firm plans to use the funds to boost its technology and automate the steps like asset allocation, rebalancing and portfolio division. It will enable deep personalisation and enhance customer experience.
Founded by Sougata Das in 2017, the startup provides an investment platform which enables its users to invest in mutual funds. Moreover, it also offers personalized wealth management advice based on the individual goals of the customers.
CashRich’s app is available on both iOS and Android platforms and already have more than 90,000 users on both the platforms combined. Users can choose from a vast list of 6,000 schemes provided by the platform. CashRich is looking to introduce new features like Dynamic SIP which will help investors invest in the market during a crisis.
Speaking on the investment, Sougata Basu, Founder of CashRich, said, “We are grateful to our existing investors from the UK who have trusted our idea and execution. We will use this additional capital to further simplify the personal wealth management process for thousands of Indian investors.”
Cube Wealth raised INR 14.6 crores in series A round from Beenext, Asuka Holding and 500 startups last month. INDwealth, another wealth management startup has raised INR 220 crores from Steadview Capital. Last month in October, Mobikwik acquired clearfunds.
India is witnessing an extended growth in the number of fintech and wealth management startups. The same is the result of rising in the disposable income of the middle-class Indians. Several other startups compete with CashRich. Among them are Paytm Money, Scribox, Groww and WealthTrust.