[Funding alert] Ashish Kashyap’s INDWealth is raising Rs 87 Cr as part of its Series C fundraise

Gurugram-based wealth management platform for HNIs, INDwealth, is raising Rs 87.14 crore as part of its new Series C fundraise, documents filed by the startup with Ministry of Corporate Affairs (MCA) showed.   

Steadview Capital, Tiger Global, and DF International seem to be leading the round, putting in Rs 28.46 crore each in the startup for a total of 2,055 Series C CCPS shares.

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The filings also revealed that Tona Investments LP is also participating as part of this round and investing 1.74 crores in the startup.

The new fundraise comes just six months after INDWealth raised $15 million round led by Tiger Global, taking the total fund raise to $45 million. Previously, INDWealth had also raised $30 million funding led by Steadview Capital in November of 2018. 

During its last funding round, INDWealth stated that it will be using its funds to build out its AI, technology, R&D, advisory team, as well as to invest in marketing and customer acquisition programmes.  

Founded by ibibo Group Founder Ashish Kashyap in June 2018, IndWealth is a full-stack wealth-technology platform with a mission to 'democratise finance for Indians', by driving transparency and leveraging technology.

The platform uses AI and ML to help customers set financial goals for themselves, and then achieve that goal while managing their future cash flow, debt, and other liabilities, as well as their tax outgo. 

INDWealth also launched its first app in April last year and has a wealth advisor facing web app that helps create a feedback and communication loop between advisors and customers.

Over the past year and a half, there have been several entrepreneurs who have turned to fintech to restart again. The list includes names like Freecharge Founder Kunal Shah, who started CRED, which counts the likes of Ribbit Capital, Sequoia Capital, and Tiger Global as investors.  And, Citrus Pay Co-founder, Jitendra Gupta, who founded Amica Financial Technologies.

INDWealth competes with Mumbai-based wealth management startup Cube Wealth, which was also started by Citrus Pay Co-founder, Satyen Kothari. Cube Wealth counts Singapore-based venture fund Beenext, Japan-based Asuka Holding, and 500 Startups as its investors.

(Edited by Suman Singh)

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