Digital will and estate planning app Yellow has raised an undisclosed amount in a pre-seed round from a slew of institutional and angel investors.
Yellow aims to provide a simple, secure, and cost-effective solution to protect and preserve a family’s assets.
Designed by estate planning experts with over 50 years of combined experience, protecting over ₹42,000 crore of assets for Indian families, a Yellow will is legally valid in India once signed.
Fresh investors in the company are Wharton, Stanford and Carnegie Mellon alumni including angle investor Aprameya Radhakrishna, Co-Founder of Koo, Mukund Rao, Co-Founder of Muvin, TT Jagannathan, Chairman of TTK Prestige, Pranav Pai, Founding Partner of 3one4 Capital, and IIFL Wealth, among others.
Founded last September by Niranjan Vemulkar (CEO), Nikhil Varghese (CDO) and Niranjan Salimath (CTO), the company launched the app on Google Play Store and will soon be on the App store.
Large litigation rates
Niranjan Vemulkar, Co-founder and CEO, Yellow, said starting with a will, estate planning is necessary for every asset owner regardless of net worth. Intestate death triggers the legal system and burdens the judiciary as properties and family disputes account for 76 per cent of litigation in India today.
It is estimated that nearly ₹1.5-lakh crore lies in unclaimed accounts in India due to incomplete financial planning, including lack of a will, families being unaware of the deceased’s assets, and non-updation of nominees.
The app aims to address these challenges by helping Indians consolidate all their asset information in one place and pass it to family members in a secure manner, Vemulkar said.
Pranav Pai, Founding Partner of 3one4 Capital, said to date estate planning has only been available to high net worth and ultra-high net worth segments in India, considering the costs involved it is the right time for a disruption in this space.