Wealth management startup, INDwealth, which is yet to launch its operations has raised $30 million in a seed round from India-focused venture capital firm Steadview Capital. Founded by Ashish Kashyap, INDwealth is his second venture. Earlier he founded renowned Ibibo Group which was acquired by MakeMyTrip in 2016.
Ashish led the foundations of INDwealth in June this year and aims to provide a full-stack wealth technology platform with the use of artificial intelligence and machine learning to provide innovative financial and wealth management solution.
The startup will launch in January next year and will help customers manage investments, liabilities and future cash flows along with a dedicated taxation management system. INDwealth plans to target affluent and high net worth individuals as its customers in the initial days of launch.
Ashish said in a statement, “Managed wealth in India is under-penetrated at less than 10 per cent. The intersection of AI and machine learning with finance combined with the fact that managed wealth is an under-penetrated sector represents a large opportunity. As a consumer, there are several gaps and problems that I have experienced first-hand in this industry. Having identified the solutions, we are looking forward to solving the same by use of technology and by delivering a transparent, simple and intelligent user experience via INDwealth.in.”
The startup’s core value proposition lies in the motto to enable users to set financial goals and manage future cash flows in a timeline format. INDwealth plans to build a team of certified finance counsellors across the country. Each counsellor will be a dedicated advisor to each family.
Ravi Mehta, founder & CIO of Steadview, said, “We see a massive opportunity for technology to democratise wealth management in India across income levels. Ashish is a proven entrepreneur who has demonstrated his ability to successfully solve structural industry problems using technology in the travel space, and we are very excited to back him to do the same in wealth management.”
Ibibo was founded by Ashish in 2007 and he served the company for more than 10 years. In September 2017, he left the firm after it was acquired by MakeMyTrip in October 2016. Apart from the travel giant, he also co-founded PayU India, a leading payment solution provider.