India-based personal finance platform Kuvera has closed a $250,000 seed investment from a group of angels. Â
Investments to the round came from angels including Amagi Co-founder Baskar Subramanian, Swank Capital managing director Saket Kumar, Livermore Capital managing director Gaurav Suri, and New Vernon Investment Management’s Ankit Kesarwani.
Founded in 2016, the company is an online investment platform for mutual funds. The platform, which has 100,000 monthly transactions, helps consumers set goals and provides tools to support a unified portfolio recommendation and market value driven path.
Users are able to import and consolidate their existing mutual fund portfolio and can easily switch commission bearing regular plans to commission free direct plans.
Since the platform launched in late 2017, it has seen over 15,000 users, and has more than Rs 250 crores ($38m) AUM. The platform is currently available on Android, with iOS support coming soon.
Equity from the round will go towards developing its offering and doubling the size of its technology team.
Ankit Kesarwani said, “Kuvera, brings together the promise of low-cost intelligent solution to investments, transparency around commissions and removal of conflicts of interest while leveraging the trend in financialization of savings and quantum jump in internet penetration. I’m excited to support the idea and the team.â€
This investment brings the company’s total funding efforts up to $500,000.
Last month, India-based e-commerce technology developer Udaan reportedly closed a $50m Series B funding round led by Lightspeed Venture Partners. Also during February, India state Maharashtra launched a FinTech policy to support startups in the area, with a hope of establishing 300.
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