Nivesh said that the acquisition would help it provide complete investment and insurance related solutions to its customers
Wealthzi claims to manage assets of HNIs, ultra HNIs, and family offices worth over INR 500 Cr across mutual funds, gold, bonds, among others
Founded in 2016, Nivesh is a digital-first platform which claims to leverage AI to provide wealth management solutions
Wealthtech platform Nivesh has acquired digital wealth management platform Wealthzi for about INR 9 Cr to strengthen its presence in the fast-growing segment.
In a statement, Nivesh said that the acquisition would help it provide complete investment and insurance related solutions to its customers.
Wealthzi, operated by Lime Internet Pvt Ltd, was founded in 2020 by former VCCircle founder PV Sahad and wealth management professional Pradeep Pillai. It claims to manage assets of high-net-worth individuals (HNIs), ultra HNIs, and family offices worth over INR 500 Cr across mutual funds, gold, bonds, among others.
Recently, Wealthzi also secured Registered Investment Advisor (RIA) licence from SEBI, which will enable the combined entity to offer comprehensive advisory services to its client base.
Meanwhile, Nivesh, founded in 2016 by Anurag Garg and Sridhar Srinivasan, is a digital-first platform which claims to leverage AI to provide wealth management solutions. The startup claims to have served over 60,000 clients in 6,000 pin codes across the country. It is backed by the likes of IAN Fund, Windrose Capital, LetsVenture, among others.
The combined entity will have INR 2,500 Cr of assets under management (AUM) and aims to reach INR 10,000 Cr AUM over the next three years, the statement added.
The integration aims to leverage Nivesh’s technology platform and expand Wealthzi’s offerings across customer segments.
“The Wealthzi acquisition enables expansion into both affluent and HNI segments. With their recently acquired RIA licence and our tech infrastructure, we’re perfectly positioned to emerge as a leading player in the industry,” Nivesh founder and CEO Garg said.
The acquisition is expected to generate significant synergies across products, research, and operations. Additionally, the deal will help eliminate overlapping costs, particularly in technology infrastructure, potentially boosting profitability for the combined entity.
The development comes at a time when the wealthtech segment in India is witnessing a rapid rise amid strong economic growth and increasing disposable incomes. As per a report by Knight Frank, the number of HNIs in India stood at 7.97 Lakh in 2022 and this number is expected to surge to 16.57 Lakh by 2027.
As a result, wealthtech platforms have been seeing a lot of investor interest. Earlier this year, wealthtech startup Centricity raised $20 Mn in its seed funding round. Prior to that, Infinyte.Club bagged $3.6 Mn in a seed funding round.
