Bengaluru-based wealth management startup Kuvera has raised ₹31.5 crores in Series A round of funding from Eight Roads, the proprietary investment arm of Fidelity International. The startup plans to use the freshly raised capital to build its team and expand its product portfolio. Alokik Advani, head of Eight Roads Fintech Strategic Investments, will join Kuvera’s board of directors as a part of the deal.
Founded by Neelabh Sanyal, Mayank Sharma and Gaurav Rastogi in 2017, the startup provides goal-based investment schemes. Any customer can set investment goals such as buying a house or a car, travelling, marriage, saving tax and several more. Earlier, the startup had raised around ₹3.5 crores ($500,000) in an angel and a bridge round.
Kuvera uses artificial intelligence to help its customers earn better returns on investments and enhance its products by reducing the costs. The startup is operational in 625 cities and manages more than ₹3,000 crores in assets. It claims to have executed more than 55,00,000 transactions.
The startup competes with Sqrrl as a direct competitor in the goal-based investment management segment. Other startups in similar segments like Scripbox, Wishfin, FundsIndia and large players like Paytm Money and ETMoney also pose a competition to Kuvera. Like Paytm, digital payment platforms like Mobikwik and PhonePe have also enabled mutual fund investments on their platforms.