Online mutual funds platform Orowealth has acquired wealth management app WealthTrust for an undisclosed amount.
The two companies, which are both headquartered in Mumbai, said in a statement that they have a combined base of 3 lakh registered users with assets under advisory of more than Rs 2,000 crore.
“As a direct mutual fund investment platform, we are always seeking opportunities to strategically grow our business,” said Orowealth co-founder Vijay Kuppa.
Orowealth said a “select team” of WealthTrust employees is expected to come on board as part of the acquisition.
WealthTrust’s parent company, Evolusolve Technologies Pvt. Ltd, was set up in September 2015. The company introduced its first product in December 2015 called Wealthee, an SMS-based natural language processing personal finance mobile application that tracked users’ expenses, bank balances and bill payments. In May 2016, the firm rebranded its Wealthee mobile application to WealthTrust, and added zero-commission mutual fund offerings as its key feature.
Nisarg Gandhi founded the startup along with Jasmin Gohil. The duo graduated in engineering from a university in Gujarat. Gandhi also studied management at the Indian Institute of Technology-Bombay and previously worked at the Indian Space Research Organisation (ISRO) and Colgate Palmolive. Gohil, who is the chief technology officer at the startup, previously worked at CMC Ltd and Sierra Atlantic.
In January last year, WealthTrust had raised $500,000 from venture capital firm India Quotient in a pre-Series A funding round.
In July 2016, WealthTrust had raised an undisclosed amount in seed funding from the same investor.
Orowealth was founded by Indian Institute of Management and IIT alumni Kuppa, Yogesh Powar, Swati Aggarwal and Nitin Agrawal in 2016. Run by OroWealth Alpha Fintech Pvt. Ltd, the zero-commission investment platform claims to offer low-cost wealth management services to retail customers and financial intermediaries like banks, brokers, and wealth managers.
In May last year, it had raised $1.6 million (Rs 11 crore then) in a Series A funding round led by US-based venture capital firm Powerhouse Ventures.
The startup had earlier raised capital in 2016 from Global Super Angels Forum, Powerhouse Ventures and M&S Partners.
