[Funding Alert] INDwealth raises $15M funding led by Tiger Global
INDwealth, Gurugram-based wealth management platform for HNIs, has raised $15 million funding led by Tiger Global. Last November, the team had raised $30 million funding led by Steadview Capital. With this fund raise, the total funding raised by INDwealth will be at $45 million.
With this funding, the team plans to build out its AI, technology, R&D, advisory team and also invest in marketing and customer acquisition programmes. In a press statement shared by the company, Ashish Kashyap, Founder and CEO INDwealth, said,
"We are excited that 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 (ML) based transparent and full stack wealth management platform. The opportunity is massive as managed wealth is under-penetrated. The timing could not have been better as the need for use of ‘data science’ and ML is even more pronounced in the wealth management industry."
The platform had launched its first app in April this year. INDwealth enables consumers track and organise their financial life across different investments, expenses, loans, and taxes. They also get machine learning driven recommendations to improve their financial future and cash flows. It also has a wealth advisor facing web app that helps create a feedback and communication loop between advisors and customers.
"We are glad that the key ingredients: product, customer validation, timing, team, fast execution, opportunity, and capital have all come together. We look forward to building a leading fintech company out of India," said Ashish.
Speaking about the investment, Scott Shleifer, Partner, Tiger Global Management, said: "We are excited to partner with Ashish and the INDwealth team, who we think have the strategic vision to transform the wealth management industry in India. We believe INDwealth has tremendous opportunity for growth by delivering low-cost, transparent, and personalised financial management services."
Ashish feels there is a significant gap in the market when it comes to wealth management options available to individuals. While companies and individuals face similar problems when it comes to managing money, the approach taken is completely different.
Ravi Mehta, Founder and CIO of Steadview Capital, added in the press statement: “We are excited to have Tiger Global as co-investors. INDwealth has made rapid progress in the wealth management space in India leveraging machine learning & artificial intelligence, and we look forward to supporting Ashish and his team in their journey to help customers manage their financial future.”