Fintech startup INDWealth raises $12 million in Series C round

Goibibo founder Ashish Kashyap’s fintech startup INDWealth, a wealth management platform for HNIs (high net-worth individuals), has raised $12 million in a Series C funding round from returning investors Steadview Capital, Tiger Global Management and new investor DF International.

According to the company’s RoC filings with the Ministry of Corporate Affairs, Tona Investments also participated in the round.

With this round, the company has raised a total of $57 million so far. The company, in its last funding round in August 2019, raised $15 million from New York based alternative investments firm Tiger Global, and said it would use the funds to grow its AI (artificial intelligence) capabilities, boost research and development, and expand the advisory team, along with investing in marketing and customer acquisition programmes.

It had also raised $30 million from London headquartered hedge fund Steadview Capital in October 2018.

Gurugram-based INDWealth, owned by Finzoom Investment Advisors, was founded by Kashyap in June 2018. Kashyap is a seasoned technology professional and entrepreneur --  he was Google’s first country head for India, exited Ibibo after it was acquired by MakeMyTrip in 2017 and co-founded payment service provider PayU India in 2011.

Read: Why Ibibo’s founder Ashish Kashyap chose wealth management as his second destination

INDWealth primarily helps HNIs manage their investments, liabilities, future cash flows and taxes. The startup claims that it has also enrolled certified wealth advisors who are mapped to every user.  It also launched a wealth advisor facing application that creates communication and feedback loops between customers and advisors.

The fintech sector has seen a number of funding deals lately. Among the recent ones, early-stage incubator Venture Catalysts invested in enterprise-focussed neo-banking platform Nupay. Earlier this week, cloud-based general insurance company Digit Insurance received approval to raise $84 million in its first external finance round. Singapore-based digital wealth manager Kristal.AI also raised $6 million in a Series A round of funding, led by Chiratae Ventures and Desai Family Office.