Ibibo founder Ashish Kashyap‘s new fintech startup INDwealth has raised around ₹220 crore
($30 million) as seed capital from Steadview Capital, an India dedicated investment fund.
INDWealth, which is being described as a wealth tech company, will offer customers investment planning, tax analytics and tax savings strategies, help manage their future cash flows and liabilities, built on proprietary technology, and underpinned by artificial intelligence and machine learning.
The wealth management platform is expected to be launched for both Android and iOS devices, in January next year. The app will be focused on HNIs with annual incomes ranging from ₹18-20 lakh, before being rolled out for a wider audience.
The startup is in the process of onboarding dedicated financial advisors, who will assist the users with their investments.
About The Investment
Ashish Kashyap, Founder & CEO of INDWealth, “Managed wealth in India is under-penetrated at less than 10%. Intersection of AI and Machine learning with finance combined with the fact that managed wealth is an under-penetrated sector, represents a large opportunity. As a consumer, there are several gaps and problems that I have experienced first hand in the wealth management industry. Having identified the solutions, we are looking forward to solve the same by use of technology and by delivering a transparent, simple and intelligent user experience via INDwealth.in.”
With the latest venture, Ashish Kashyap will be entering the Indian startup ecosystem after 13 months, since he quit Ibibo group, after its acquisition by travel company MakeMyTrip.
Steadview Capital has been an active player in the Indian startup ecosystem with some of the most notable Indian startups in its portfolio. Among its portfolio include Walmart-owned Indian e-commerce giant Flipkart, cab-hailing startup Ola, and online insurance aggregator PolicyBazaar, among others.
While the latest investment in INDwealth, Steadview marks its first investment in a day zero startup in India.
Other players in the wealth management domain in India competing with INDwealth include Paytm Money, Fisdom, Scripbox, and WealthTrust, among many others.
Earlier this month, Cube Wealth raised ₹14.6 crore in series A funding from Beenext, Asuka Holding, and 500 Startups. Also, Mobikwik acquired Clearfunds, to mark its foray into the wealth management domain.