Wealth management platform Kuvera that deals in mutual funds has raised $4.5 million in its Series A funding round led by Eight Roads, the proprietary investment arm of Fidelity International.
Previously, Kuvera had raised around $500,000 altogether in an angel and a bridge round.
The Bengaluru-based financial planning and investment platform will use the latest proceeds to build its team and expand its product portfolio.
As a part of the deal, Alokik Advani, head of Eight Roads Fintech Strategic Investments, will also join the board of Kuvera.
Founded by Gaurav Rastogi, Mayank Sharma, and Neelabh Sanyal in 2017, Kuvera provides goal-based investment schemes. Customers can set investment goals such as buying a house or car, traveling, marriage, saving tax and others.
The startup uses artificial intelligence (AI) to help customers secure better returns and enhance its product and service range to reduce the costs.
With presence in 625 cities, Kuvera currently manages more than Rs 3,000 crore assets under management and claims to have executed 55,00,000 transactions.
In Goal-based investment scheme, Kuvera finds Sqrrl as its direct competitor. While incumbents startups in this segment like Scripbox, FundsIndia, and Wishfin have been doing well, late entrants such as Paytm and ETMoney have set the bar high for them.
Like Paytm, digital payments platforms such as PhonePe and Mobikwik have also enabled mutual fund investment schemes on their platform.
Apart from the aforementioned players, serial entrepreneur Satyen Kothari made a comeback with comprehensive wealth-management app Cube. Ashish Kashyap, who led ibibo Group had also launched a full stack wealth management app IndWealth.