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Wealth-tech firm CashRich has acquired WealthApp’s mutual fund distribution business in an all-cash deal for which it raised funding from three UK-based investors. The financial terms of the deal were not disclosed.
This deal is expected to strengthen CashRich’s position as a prominent investment app in India. Following the acquisition, CashRich’s user base will double to about two lakh, the company said in a statement.
“We are continuously improving our technology to help our users build and preserve their long-term wealth. The fintech ecosystem in India is thriving because of the collaborative efforts of several stakeholders,” Sougata Basu, Founder at CashRich, said.
CashRich is an app where individuals can invest in mutual funds and buy insurance products easily.
“Our mission at CashRich is to revolutionise the investment experience through top-notch technology and personalised investor care. We are exploring more such partnerships with other mutual fund distributors,” said Hiren Dharamshi, Managing Director at CashRich.
CashRich is planning to expand into other financial products and increase distribution via partnerships.
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