AI-Based FinTech Startup INDwealth Raises $30 Mn
Former CEO of IBIBO Group and President of MakeMyTrip, Ashish Kashyap yesterday has announced his new Venture IndWealth, which is a wealth technology startup has now raised $30 Million from the Steadview Capital Investment Fund.
The wealth management startup which will be going to be launched in January will be going to use the Artificial intelligence and Machine Learning to help the users to manage their liabilities, future cash flows, investments, and taxation.
The platform will also help the users to create financial goals and manage their future cash flows in a perfect format. The company is also working on building the team of certified finance across entire India.
InWealth is also going to be the first wealth technology application from the company which is targeted at the HNI and affluent segment.
The startup has raised around Rs 220 crore in the funding round of seed from the Hong Kong and the UK based Hedge Steadview capital fund, which is as of now one of the largest funding round raised by a homegrown startup.
“Managed wealth in India is under-penetrated at less than 10 percent. The intersection of AI and machine learning with finance combined with the fact that managed wealth is an under-penetrated sector represents a large opportunity. As a consumer, there are several gaps and problems that I have experienced first hand in the wealth management industry. Having identified the solutions, we are looking forward to solving the same by use of technology and by delivering a transparent, simple and intelligent user experience via IndWealth.in,” said Kashyap.
Kashyap exited from MakeMyTrip-GoIbibo a year after the later was acquired by the larger rival.
“Globally, this space has seen some innovative applications of tech, especially artificial intelligence, and machine learning, combined with a 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 democratize wealth management in India across income levels,” said Ravi Mehta, founder, and chief information officer of Steadview.
Steadview Capital has also invested in leading internet companies such as Ola, Policybazaar, and Flipkart.