Companies

Savart raises ₹4 crore in funding from BEENEXT, Yatra Angel Network, other investors

Our Bureau | | Updated on: Nov 29, 2021

To use the funds to develop its AI-based investment-research algorithm Vantage, expand in Canada, grow its client base and for general corporate purposes

Savart, an investment advisory and technology brand, on Monday announced that it has raised nearly ₹4.09 crore ($549,000) from BEENEXT, a Singapore-based founder-first venture capital firm, Yatra Angel Network (YAN), and Jupiter neobank founder Jitendra Gupta.

BEENEXT infused ₹3 crore in Savart, while YAN invested ₹84 lakh and Gupta ₹25 lakh.

Savart currently has the backing of Indian investors including Ajay Batra, Executive Vice-President - Venture Fastrack, Wadhwani Foundation and Narayan Shadagopan, who between them have funded and mentored numerous start-ups in various industries.

Savart is planning to utilise the funds to develop its AI-based investment-research algorithm Vantage, fuel expansion in Canada, grow its client base and for general corporate purposes.

"We are excited to join hands with BEENEXT and YAN in our endeavour to redefine the investor experience,” said Hiren Chandaria, CEO - Savart.

“This funding is a big milestone in our journey to being a leading institutional wealth manager. It will strengthen our business and accelerate the deployment of our products, allowing us to have a larger impact on the vast Indian demographic that we cater to. For our users, this means more personalisation, better choices, and an improved investor experience in the future," added Chandaria.

Hero Choudhary, Managing Partner - BEENEXT, said, “We are excited to partner with Sankarsh and the team as they work to make investments smarter and help people create long-term wealth. The time is ripe for technological innovations across financial services. We are confident that Savart will help bring in financial inclusivity across markets through its innovative products.”

Published on November 29, 2021

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