CASHe acquires Sqrrl, forays into wealthtech space
, an AI-driven credit-led wellness platform on Tuesday announced its foray into the wealth management space with the acquisition of Gurgaon-based , in an all-cash deal.
This acquisition further accelerates the company’s strategic vision 3.0 of building a full-stack wellness platform for this cohort of the population.
According to a company statement, over 20 million users of CASHe can now access a digitally enabled, mobile-first, byte-sized investing platform that will help them kickstart their investment journey with as little as Rs. 100.
The acquisition comes on the back of CASHe raising Rs. 140 crores in equity funding from its Singapore-based holding company TSLC Pte Ltd. The deal will be primarily funded from its surplus capital, reflecting the company’s strong financial position.
Over the past year, CASHe has constantly introduced new product offerings in line with increasing consumer demands and has now entered the highly lucrative millennial and GenZ-focused WealthTech space.
This consolidation brings unique synergies between Sqrrl, claiming to be India’s first vernacular app in the WealthTech space serving over 5 lakh users across 600 cities, and CASHe, a credit-led wellness platform with over 20 million users and adding a staggering one million new users every month.
V. Raman Kumar, Founder Chairman, CASHe said, “The acquisition of Sqrrl is an important milestone for CASHe’s vision 3.0 roadmap as it sets the stage for the next phase of our growth through our foray into the WealthTech space. By integrating CASHe’s millennial-focused credit-led services with the digital-first wealth and investment management offerings of Sqrrl, we aim to seamlessly fulfill the diverse credit and investment needs of the new-age Indian by offering multi-product access and next-gen financial wellness solutions."
Samant Sikka, Co-founder, Sqrrl said,“We have grown the wealth management business into being a partner of choice for our discerning customers. This move will help the business scale up further by offering Sqrrl’s investment products to CASHe’s massive customer base with just a few clicks. We will continue to focus on our strategy centred around stable and sustainable growth in the wealth management business with the largest footprint of customers and thereby creating a true one-of-a-kind company.”