INDwealth, a wealth management startup company based in Gurugram, has managed to amass $15 million in a funding round led by Tiger Global Management, a US-based investment firm.
According to a report from Money Control, the accumulated funds will be used by INDwealth to develop its technological infrastructure, artificial intelligence, research and development (R&D), and advisory team. Moreover, the company is also set to invest in acquiring customers and marketing programs.
“We feel privileged to partner Tiger Global and Steadview Capital. We look forward to leveraging their global experiences and learnings in the fintech and broader financial services speace,” said INDwealth founder and CEO Ashish Kashyap in a statement.
“The opportunity is massive as managed wealth is under-penetrated. The timing could not have been better as the need for use of data science and machine learning is even more pronounced in the wealth management industry,” he added.
Founded in 2018, IndWealth serves as a wealth management platform for high networth individuals (HNIs) and affluent families. It enables customers to manage and track their financial status via iOS and Android applications. In October last year, the company has raised a total of $30 million funding led by Steadview Capital. With the recent addition, the total funding raised by INDwealth will be at $45 million.
“We are excited that our recent launch has been validated by the target customers and at the same time proves our thesis for a need for a machine learning (ML) based transparent and full-stack wealth management platform. The opportunity is massive as managed wealth is under-penetrated. The timing could not have been better as the need for use of ‘data science’ and ML is even more pronounced in the wealth management industry,” CEO Kashyap shared in a press release.