Bengaluru-based online financial planning and investment platform Kuvera, which is run by Arevuk Advisory Services Pvt Ltd, has raised $250,000 (Rs 1.6 crore) in its second round of angel investment.
The startup previously raised a similar amount, taking the investment it received so far to $500,000.
The funding was led by a group of angel investors including Baskar Subramanian (co-founder, Amagi Media Labs); Saket Kumar (managing director, Swank Capital), Gaurav Suri (managing director, Livermore Capital) and Ankit Kesarwani of New Vernon Investment Management, the firm said in a statement.
Launched in 2016, Kuvera allows investors to put money in mutual funds’ direct plans which offer higher returns than regular plans by saving on third-party commissions. Founded by Gaurav Rastogi, Mayank Sharma, and Neelabh Sanyal, the company will use the money to expand its offerings and grow its technology team.
“This capital will go towards deepening our offerings and to double the size of our technology team. We see opportunities to build more value-added services for our users. We have a strong user base that is strongly involved in the product development,” said Gaurav Rastogi, CEO, Kuvera.
Kuvera claims to have over 15,000 users with assets under management (AUM) of over Rs 250 crore.
“A good team combined with a growing fintech market in India presents a large opportunity for Kuvera in bringing online financial services to the affluent masses,” said Subramanian.
“They are looking to democratise the personal finance space and it will happen only through transparency around commissions and removal of conflicts of interest and Kuvera is uniquely positioned to bring this change,” said Kesarwani.
Recently, Groww, an online platform which sells financial products including mutual funds, raised an undisclosed amount in seed funding from CureFit founders Mukesh Bansal and Ankit Nagori, and US-based seed investor and accelerator Y Combinator.
Incorporated as Nextbillion Technology Pvt. Ltd, Bengaluru-headquartered Groww was founded in April 2016 by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal.
Of late, a number of startups have ventured into the online sale of financial products. These include Scripbox, Upwardly and RupeeVest. Last May, mass market mutual fund investment platform Nivesh.com raised an undisclosed amount in an angel round.