Steadview Capital invests $30 mn in Ibibo founder’s to-be-launched venture
Ashish Kashyap

Ashish Kashyap, who founded travel booking firm Ibibo Group, has launched a new fin-tech startup named INDwealth, a company statement said.

INDwealth has raised $30 million (around Rs 219 crore at current exchange rates) from Hong Kong-based hedge fund Steadview Capital, in what is perhaps the largest funding round for a yet-to-be launched startup, the statement added.

The startup will commence operations from January next year.

Run by Gurugram-based Finzoom Investment Advisors Pvt. Ltd, the firm is a financial advisory platform that will use artificial intelligence and machine learning to allow users to manage their investments, liabilities, future cash flows and taxation.

The company is also in the process of building a team of certified finance counsellors across India that will be dedicated to each user family. The startup will offer its services on the web and as an Android and iOS app, the statement added.

“Globally, this space has seen some innovative applications of tech, especially artificial intelligence and machine learning, combined with human touch to change the way wealth is managed for individuals. Further, the scope of wealth management is no more restricted to the top of the pyramid. We see a massive opportunity for technology to democratise wealth management in India across income levels,” Ravi Mehta, founder of Steadview, said in the statement.

Kashyap had exited Ibibo in September last year after online travel portal MakeMyTrip acquired the company in 2016.

The MakeMyTrip-Ibibo merger was the largest consumer tech transaction in India up until 2016.

In August this year, Steadview Capital had invested in eyewear retailer Lenskart.

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