Kuvera, the Indian digital investment advisor, has raised $4.5m in Series A funding from Eight Roads. Kuvera was founded in 2016 as India’s first ‘free-to-use’ web-based direct mutual fund investment platform. It provides more than 100,000 users with access to a range of innovative investment tools designed to help them save and reach their financial goals. Kuvera currently manages more than Rs 3,000 crores in mutual fund investments.
The investment has been made by our new Fintech Strategic Investments team. The team, led by Alokik Advani, has been established to build and invest in Fintech businesses, with strategic adjacencies to Fidelity International. The same team recently backed Moneybox, a savings and investment platform in the UK. Kuvera was founded in Bangalore by Gaurav Rastogi, Neelabh Sanyal and Mayank Sharma. Each founder brings extensive investment, finance and technology experience, and a shared aspiration to use digital innovation to simplify the investment journey for millions of Indian consumers.
Kuvera’s zero-fee platform offers tailored, goal-based financial advice. To date, over 75,000 goals have been recorded by Kuvera’s customers as they save to buy a home, purchase a car or invest in a child’s education. Kuvera is also one of the first platforms that enables users to easily switch from regular mutual funds to direct mutual funds, lowering the cost of investing. Innovative features such as family login, mutual fund portfolio consolidation make Kuvera relevant for both advanced users and first timers.
This first round of institutional funding will allow Kuvera to build its team and expand its product portfolio. Kuvera is increasing its use of AI to help its customers invest in a way that helps them to secure better returns, while enhancing its product and service range to reduce the cost of accessing multiple financial products through a single digital platform.
Gaurav Rastogi, CEO of Kuvera said: “Since we founded Kuvera we’ve been blown away by the response from our users. With Eight Roads as an investor, we will continue to innovate and expand our advisory offering across financial products. We have an exciting line-up of product releases for this year and are looking to expand our team to build these out even faster.” Alokik Advani, who will join Kuvera’s board, added: “This is our team’s first investment in India. We are really impressed by Kuvera’s platform which is at par with the best. We will leverage our close relationship with Fidelity to support Kuvera in serving the Indian consumer”