INDWealth, a wealth management platform owned by Gurugram-based Finzoom Investment Advisors, has raised $15 million from New York headquartered hedge fund Tiger Global Management. The latest infusion takes the total institutional capital raised by the 15-month old startup to $45 million.
Founded in March last year by Ashish Kashyap, who earlier founded online travel services provider Ibibo Group, the fintech startup raised $30 million last October from Hong Kong based hedge fund Steadview Capital. At the time, INDWealth was yet to commence operations.
The capital raised in the latest round will be used to grow its AI (artificial intelligence) capabilities, boost research and development and expand the advisory team. In addition, the company plans to invest in customer acquisition and marketing programmes.
“We believe INDwealth has tremendous opportunity for growth by delivering low-cost, transparent, and personalized financial management services,” Tiger Global partners Scott Shleifer said in a statement.
The INDWealth app, which targets high networth individuals, enables users to manage their investments, liabilities, future cash flows and taxes. The startup claims that it has also also enrolled certified wealth advisors who are mapped to every user. It has also launched a wealth advisor facing application that creates communication and feedback loops between customers and advisors.
“Our recent launch has been validated by the target customers and at the same time proves our thesis for a need for a machine learning based transparent and full stack wealth management platform. The opportunity is massive as managed wealth is under penetrated.,” Kashyap said.
Kashyap is a seasoned technology professional and entrepreneur who brings a diverse range of experiences to his latest venture. Apart from Ibibo, he was also Google’s first country head for India. He exited Ibibo after its was acquired by Makemytrip in 2017. Kashyap also co-founded PayU-India (ibibo Pay), a payment service provider in 2011.
India’s booming fintech sector has seen a number of funding deals concluded lately. Among recent deals, earlier this month, Bengaluru-based online gold loans marketplace Rupeek raised $30 million in a funding round led by Bertelsmann India Investments. Lendingkart Technologies, which runs a digital lending platform for small and medium businesses, raised $30 million in a funding round, led by existing investors Fullerton Financial Holdings, Bertelsmann India Investments and India Quotient.