The strategic fintech investment team of Eight Road has put USD 4.5 million in a Series A funding round in tech-based wealth management startup, Kuvera, Livemint reported citing a senior executive.
“With Eight Roads as an investor, we will continue to innovate and expand our advisory offering across financial products. We have an exciting line-up of product releases for this year and are looking to expand our team to build these out even faster,” Gaurav Rastogi, chief executive of Kuvera, said in a statement.
Eight Road is the proprietary investment arm of Fidelity International.
“The focus is on companies that help us understand certain domain spaces and helps us determine how we should reach customers in new markets, how we should deepen capabilities and create better automation of processes," Alokik Advani, who heads the fintech strategic investment team, told Livemint.
Kuvera is founded by Gaurav Rastogi, Mayank Sharma, and Neelabh Sanyal in 2017. The Bengaluru-based platform will use the fresh funds for team building and product expansion.
“We like the platform, theme and traction they have had and that they help with costs and customer experience," said Advani.
Advani will join the board of Kuvera, the company said in a statement.
“We are happy to take our time, evaluate, and invest opportunistically in fintech startups across the world," he added.
Kuvera manages around Rs 3,000 crore in mutual fund assets and its major rivals include ORO Wealth, Clearfunds and Paytm Money.
“It is early days for wealth management in India and there is a long way to go, but it is a very promising market space," Advani said. “India is a really interesting market that helps us understand consumer needs. The theme of helping people with long-term financial management is really attractive for us," he said.
In the last 10 years, Eight Roads has invested around USD 6 billion globally into companies in technology and healthcare. The portfolio companies of Eight Roads include Alibaba, Asia Info, iSoftstone, Wuxi Pharma Tech, Manthan Systems, Laurus Labs, Neo Technology, Wallapop, Treatwell and Universal Avenue.