US-based investment firm Tiger Global Management has invested $15 million (approximately Rs 107.88 crore at current exchange rates) in INDwealth, an artificial intelligence-based wealth management venture, according to several media reports.
The company will use the funds for enhancing its technological infrastructure and research and development, said Ashish Kashyap, founder, INDwealth. The fintech startup will also use the capital to invest in its advisory team, including customer acquisition and marketing, The Times of India reported.
The funding comes after INDwealth raised $30 million (around Rs 219 crore) in seed funding from hedge fund Steadview Capital in October last year. At the time, the firm said it would commence operations from January this year.
VCCircle has reached out to INDwealth for details on the transaction and will update the story accordingly.
The Gurugram-based company, operated by Finzoom Investment Advisors Pvt. Ltd, is a financial advisory platform that uses its AI and machine learning to allow users to manage their investments, liabilities, future cash flows and taxation. The startup offers its services on the web and through iOS and Android applications.
The company says it has registered itself with the Securities and Exchange Board of India, and has also partnered with the Bombay Stock Exchange.
Kashyap, who was the founder of Ibibo, had exited the firm in September 2017 after online travel portal MakeMyTrip acquired the company in 2016.
Tiger Gobal has revved up investments in India ever since it ended a three-year hiatus towards the end of 2018. It has made over 10 deals this year.
Earlier this month, it led a Series E funding round of $75 million (Rs 520 crore) in UrbanClap Technologies India Pvt. Ltd, a Gurugram-based startup that operates a home services marketplace.
In June, it backed Bengaluru-based financial technology startup Open, which provides collection and payout automation services for small businesses, and led a Series A funding round in OkCredit, which helps merchants keep track of payments and credit records via a mobile application.
Deals in the fintech segment
There has been a steady investor interest in the fintech segment, as companies seek to address the growing need for the last-mile delivery of financial services and provide value-added services to consumers across all socio-economic segments.
Earlier this month, Aye Finance Pvt. Ltd said it had raised debt worth $10 million (around Rs 71.3 crore) led by Zurich-based responsAbility Investments AG.
In July, Gurugram-based fintech startup Indifi Technologies Pvt. Ltd raised $21 million (around Rs 145 crore) in a fresh round of funding led by the UK government-owned development finance institution CDC Group Plc.