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Steadview Capital, India dedicated investment fund, plans to invest $30 million (₹219 crore approximately) in INDwealth.in, a wealth technology platform that will go live in January. INDwealth.in will help users manage their investments, liabilities, future cash flows and taxation.
The AI driven financial advisory platform has been launched by Ashish kashyap, founder of travel portal Ibibo (now GoIbibo) that was acquired by OTA major MakeMyTrip two years ago for about $2 billion. Kashyap was also one of the founding team at fintech major PayU and prior to that was the country head at Google India.
With this new venture, Kashyap plans to tap the nascent financial advisory market, which so far had been restricted to the high networth individuals in the country. However, in the last few years several start-ups such as FundsIndia, OroWealth, Arthayantra, Tavaga, Goalwise, Tauro Wealth and ClearTax have mushroomed.
On his new venture, Kashyap said in a statement that, “Managed wealth in India is under-penetrated at less than 10 per cent. Intersection of AI and machine learning with finance represents a large opportunity. As a consumer, there are several gaps and problems. Having identified the solutions, we are looking forward to solve the same by use of technology and by delivering a transparent, simple and intelligent user experience via INDwealth.in.”
The platform will enable users to create financial goals and manage their future cash flows in a time line format, Kashyap said adding that the platform will “transparently” provide a user family with analytics and re-balancing recommendation on investments across asset classes and loans which will be backed with tax analytics and tax harvesting strategies. The company is also in the process of building a team of certified finance counsellors across India.
The company also plans to launch other financial technology applications for different user segments. INDwealth, the first wealth-tech application targeted at the affluent and HNI segments, will be available on web, Android and iOS platforms.
Ravi Mehta, founder and CIO of Steadview said, “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. ”
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