CRED said the transaction would be a mix of cash and stock. However, the startup’s didn’t disclose the total acquisition cost
Besides mutual fund offerings, Kuvera allows its users to invest in Indian and US stocks and fixed deposits
Post the acquisition, the founders and the entire team of Kuvera will continue to operate independently while working closely with CRED leadership
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Kunal Shah-led CRED has acquired investech platform Kuvera to enter the fast-growing wealth management space and take on the likes of Zerodha, Groww, and PhonePe.
In a statement, CRED said the transaction would be a mix of cash and stock. However, the startup’s didn’t disclose the total acquisition cost.
Kuvera claims to be among the top five direct mutual fund platforms in the country with a community of over 3 Lakh users tracking more than INR 50,000 Cr in assets.
Besides mutual fund offerings, Kuvera allows its users to invest in Indian and US stocks and fixed deposits.
Post the acquisition, the founders and the entire team of Kuvera will continue to operate independently while working closely with CRED leadership to scale its network, ecosystem, brand, and distribution.
The acquisition comes almost two years after CRED’s acquisition of smallcase fell through.
Founded in 2016 by Gaurav Rastogi, Neelabh Sanyal and Mayank Sharma, Kuvera last raised INR 37 Cr from Fidelity in September 2021. Overall, it has raised a funding of around $10 Mn till date.
The acquisition comes at a time when CRED, which started as a credit card payment platform, has been expanding its services and has forayed into several other fintech services.
Over the past year or so, CRED has launched multiple new offerings like vehicle management platform CRED garage, curated travel platform CRED escapes, buy now pay later (BNPL) product Flash, tap to pay offering for retail payments, and a scan & pay feature for UPI payments.
Founded in 2018 by Kunal Shah, CRED has raised over $800 Mn in funding till date. Valued at over $6 Bn, the startup counts the likes of GIC, Peak XV Partners, Alpha Wave Global, and Tiger Global among its backers.
CRED’s revenue from operations surged 250% to INR 1,400.6 Cr in FY23 from INR 393.5 Cr in FY22, while its net loss increased 5% year-on-year to INR 1,347.4 Cr.
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