Indian wealthtech Kuvera raises $4.5m
Kuvera, the Indian digital investment advisor, has raised $4.5 million in a Series A funding from Eight Roads.
The firm was founded in 2016 as India’s first free-to-use web-based direct mutual fund investment platform. It provides users with access to a range of innovative investment tools designed to help them save and reach their financial goals.
The investment has been made by Eight Roads’ new Fintech Strategic Investments team. The team, led by Alokik Advani, has been established to build and invest in fintech businesses, with adjacencies to Fidelity International.
Advani, who will join Kuvera’s board, adds: “This is our team’s first investment in India. We are really impressed by Kuvera’s platform, which is at par with the best. We will leverage our close relationship with Fidelity to support Kuvera in serving the Indian consumer.”
The same team recently backed Moneybox, a savings and investment platform in the UK. Kuvera was founded in Bangalore by Gaurav Rastogi, Neelabh Sanyal and Mayank Sharma.
Kuvera’s zero-fee platform offers tailored, goal-based financial advice. The firm says that over 75,000 goals have been recorded by Kuvera’s customers.
Kuvera also enables users to easily switch from regular mutual funds to direct mutual funds, lowering the cost of investing, and includes features such as family login and mutual fund portfolio consolidation.
This first round of institutional funding will allow Kuvera to build its team and expand its product portfolio.
