Gurugram-headquartered wealth management platform INDwealth is now raising its Series C funding round, after barely one and a half years of starting operations.
The second entrepreneurial venture of Ashish Kashyap, INDwealth has raised over $45 Mn funding in its last two rounds from Steadview Capital and Tiger Global. The company is raising $12 Mn in the current round of funding from existing and new investors.
According to the company filings with the Ministry of Corporate Affairs, in a resolution dated January 16, 2020, INDwealth approved allotment of 2096 Series C preference shares worth INR 87.14 Cr. The shares have been allotted to Steadview Capital, Tiger Global, DF International Private Partners and Tona Investments LP.
Steadview, Tiger Global and DF International have picked up 685 Series C preferences shares and 1 equity shares each worth INR 28.46 Cr each.
The company in its filings said that it requires additional capital for business and other general corporate purposes.
Founded in 2018 by Kashyap, Pratiksha Dake and Varun Bhatia, INDwealth is a personal financial advisory agent, which offers advice across asset classes, loans, and tax management. It enables consumers to organise and track their wealth across investments, loans, expenses and taxes and in turn get machine learning-driven recommendations to improve their financial future and cash flows.
The first version of the app was launched in April 2019. The platform has also enrolled certified “Wealth Advisors” that get mapped to every user family. The company also launched a Wealth Advisor facing web application thereby creating communication and feedback loops between the customers and advisors.
The company filings showed that INDwealth reported an operating income of INR 16,700 in FY19, while its other income was INR 3.16 Cr. As a result, the company had a profit of INR 16,700. Further, the company’s board remains hopeful that the company will earn revenues in coming years.
Wealth management is increasingly becoming an important segment in the fintech space. Though the user base is rising and so is the funding amount, it still has more potential. A report by Deloitte India predicts that Indian wealth management network is all set to boom by the end of 2020.
Moreover, the digital wealth management space also provides varied features like investment advisories, curated investment options, algo-trading, backtesting, and free access to research reports. All this is making wealth management and investments much frictionless for busy urban Indians. And many startups are making the most of this opportunity thanks to the rise in adoption of fintech services.