CRED acquires investment platform Kuvera in stock and cash deal
Bengaluru-based Kuvera, founded by Gaurav Rastogi and Neelabh Sanyal, is a direct mutual fund platform with over 3 lakh users, tracking more than Rs 50,000 crore in assets.
Bengaluru-based fintech unicornhas acquired investment and wealth management platform Kuvera through a mix of cash and stock.
Post acquisition, Kuvera's founders and team will continue to operate independently, while working closely with the CRED leadership to scale the company's network, ecosystem, brand, and distribution, Kuvera said in a statement.
However, the startup didn’t disclose the total acquisition cost.
"Excited to welcome Kuvera and their team into the high-trust CRED ecosystem. Kuvera is extremely popular among financially savvy Indians; their products and vision are aligned with CRED’s principle of investing for long-term value creation rather than short-term entertainment," said Kunal Shah, Founder, CRED.
Founded by Gaurav Rastogi and Neelabh Sanyal, Bengaluru-based Kuvera is a direct mutual fund platform with over 3 lakh users, tracking more than Rs 50,000 crore in assets. Most of its customers are aged 30 or above and belong to the mass-affluent section in India’s top metros.
In April of 2019, Kuvera secured $4.5 million in Series A funding from Eight Roads Ventures, the investment arm of Fidelity International Limited.
Prior to the acquisition by CRED, Kuvera had raised approximately $10 million through private funding rounds. As a result of the acquisition, the US asset management giant Fidelity will become a shareholder in CRED, according to TechCrunch.
In June last year, CRED acquihired micro-saving app Spenny, with Spenny's co-founder and team joining CRED's product team. Bengaluru-based Spenny rounds off users' spare change from online transactions and invests in digital gold and mutual funds.
Edited by Swetha Kannan