HomeStartupCRED acquires Kuvera to enter wealth management space

CRED acquires Kuvera to enter wealth management space

Published on

spot_img

  1. CRED, a fintech unicorn led by Kunal Shah, has entered the wealth management space by acquiring Kuvera, a mutual fund investing platform.
  2. This marks CRED’s fifth acquisition since its inception and its second in the past year.
  3. The deal, comprising equity and cash components, has been confirmed by CRED through a press statement, although the exact size remains undisclosed.
  4. Kuvera, founded in 2016, offers online wealth management services for mutual funds, stocks, fixed deposits, and US stocks.
  5. Post-acquisition, Kuvera will continue to operate independently, with its founders, team, and product remaining intact. They will collaborate closely with CRED’s leadership to enhance network, ecosystem, brand, and distribution.
  6. Kuvera boasts an investor base with an average SIP size over Rs 5,000, double the industry average, and total mutual fund investments exceeding Rs 12 lakh, five times higher than industry norms.
  7. Despite Kuvera’s revenue from operations decreasing by 70% to Rs 89 lakhs in FY23, and losses increasing by 10% to Rs 38.1 crore, it has raised $10 million from Fidelity, EightRoad Ventures, and several angels.
  8. CRED’s previous acquisitions include CreditVidya in November 2022, HipBar and Happay in October and November 2021 respectively, and a minority stake in LiquiLoans in September 2022.
  9. With this move, CRED faces expanded competition from players like Groww, AngelOne, Upstox, Paytm Money, and others in the wealth management sector.
SourceEntrackr

Latest articles

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...

AI Model Backed by Mukesh Ambani to Launch in March

A consortium backed by Mukesh Ambani’s Reliance Industries Ltd. and India’s top engineering schools...

More like this

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...