Investment advisory platform Kuvera on Saturday said that it has raised close to $250,000 from a group of angel investors including Baskar Subramanian, Co-founder, Amagi; Saket Kumar, Managing Director, Swank Capital; Gaurav Suri, Managing Director, Livermore Capital; as well as Ankit Kesarwani from New Vernon Investment Management.
According to the company, the funds will be used for deepening its offerings and doubling the size of its technology team.
This bridge round takes the total fund raised by the firm to $500,000.
Being a tech-based financial planning and investment platform, Kuvera, like most others, uses algorithms to assess clients’ risk profiles, plans for their financial goals and makes investment recommendations suitable to their risk appetite and investment objectives.
In October 2017, the company stated that it had updated its pricing and now the Mutual Fund investing platform is free to use regardless of the portfolio size.
Since its launch, the platform has close to 15,000 users with an AUM of over Rs 250 crore. With 34 AMCs on board, Kuvera is planning to launch its iOS app shortly.
The company plans to take a target of 100,000 weekly transactions by this calendar year end.
Speaking about the investment, Gaurav Rastogi, CEO, Kuvera 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 to make their financial lives easier. We are blessed with a passionate user base that is strongly involved in the products development.
Further, Baskar Subramanian, Co-founder of Amagi, a leader in cloud-managed broadcast services, said, “A fantastic team combined with a growing fintech market in India presents a large opportunity for Kuvera in bringing online financial services to the mass affluent.”
While speaking on his participation, Ankit Kesarwani remarked,
“I’m happy to support the franchise and the fantastic team. True democratisation of personal finance will happen only through transparency around commissions and removal of conflicts of interest and I believe Kuvera is uniquely positioned to bring this change.”
At present, Kuvera’s offerings include goal planning, investing for goals, importing and consolidating customer’s entire Mutual Fund portfolio with a single click, Smart Switch, which helps users to switch seamlessly from commission-bearing regular plans to commission-free direct plans.