Millennials and investors are investing in mutual funds from past few years. With increasing number of investments in mutual funds, startups are initiating in this space to simplify mutual fund investing procedure. One of the online mutual fund investment startup Kuvera has recently raised funding of Rs.1.6 crore from angel investors.
Angel investors who took part in the funding round include; Baskar Subramanian, co-founder of Amagi Media Laba; Saket Kumar, MD at Swank Capital; Gaurav Suri, MD at Livermore Capital and Ankit Kesarwani of New Vernon Investment Management, as per the companys statement.
Subramanian said, A good team combined with a growing fintech market in India presents a large opportunity for Kuvera in bringing online financial services to the affluent masses.
Kesarwani said, They are looking to democratise the personal finance space and it will happen only through transparency around commissions and removal of conflicts of interest and Kuvera is uniquely positioned to bring this change.
Bengaluru-based wealth management startup which is operated and owned by Arevuk Advicory Services has also raised funding before of the same amount which makes it a total of Rs.3.2 crore till date.
In October 2017, the startup was founded by Gaurav Rastogi, Mayank Sharma and Neelabh Sanyal. It allows investors to invest in mutual funds direct plans so that higher returns could be generated by avoiding third-party commission. The startup plans to use the raised funding to expand its offerings and improve its technology team.
Rastogi said, This capital will go towards deepening our offerings and to double the size of our technology team. We see opportunities to build more value-added services for our users. We have a strong user base that is strongly involved in the product development.
The startup claims to have around 15,000 users with over Rs.250 crore assets under management (AUM).