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Kuvera is an Indian online wealth management platform for mutual funds, digital gold, fixed deposits, cryptocurrency exchange, insurance & US ETF investment. It is operated by Arevuk Advisory Services Pvt. Ltd., a company headquartered in Bangalore.[1][2] In February 2024, Kuvera was acquired by Cred.[3]
History
Kuvera was founded in 2016 by Gaurav Rastogi - ex-portfolio manager at Morgan Stanley and Neelabh Sanyal - former vice-president with Axis Capital.[4] Mayank Sharma, cloud architect at Amagi joined as the third co-founder in 2017, assuming the responsibility of head of technology.[2][5]
Kuvera.in derives its name from Kuber (also called Kubera or Kuvera), the lord of riches and treasures according to Hindu mythology.[6]
Kuvera's parent company, Arevuk Advisory Services Pvt. Ltd. registered as investment advisor (RIA) with SEBI (registration no INA200005166) on 19 July 2016[7]
The website was launched in 2017.[2] Over the course of the year, Kuvera introduced the robo-advisory tools on its platform.[8]
Kuvera raised a total of $500,000 in two rounds of angel funding. In March 2018, it raised $250,000 in the second round of angel investment from Baskar Subramanian, co-founder, Amagi, Saket Kumar, managing director, Swank Capital among others.[2][9][10]
In April 2019, Kuvera received a Series A investment of $4.5 Million from the lead investor Eight Roads Fintech Strategic Investments,[11][12] the investment arm of Fidelity International for building the team and expanding the product portfolio.[13][14]
The company also launched a group health insurance cover for its users underwritten by Bharti AXA that covers medical expenses.[15]
Mayank Sharma, CTO left the company in February 2021.Template:Citation needed
In February 2024, Kuvera was acquired by fintech company Cred in a cash and stock deal to enter the wealth-management space.[3]
Partnership
In September 2020, the company established a partnership with Vested Finance to allow its Indian traders to invest in the US stocks including Netflix, Facebook, and Apple.[16][17]
See also
References
- ↑ Using the Internet for your financial investments. The Hindu(5 October 2018). Retrieved 31 July 2019.
- ↑ 2.0 2.1 2.2 2.3 Mutual funds platform Kuvera raises $250,000 from angel investors, Malik, Yuvraj. livemint(3 March 2018). Retrieved 31 July 2019.
- ↑ 3.0 3.1 Cred to buy Kuvera to enter wealth management. The Economic Times(6 February 2024). Retrieved 16 September 2024.
- ↑ Mutual funds platform Kuvera ties up with Uber, Malik, Yuvraj. LiveMint(23 August 2017). Retrieved 31 July 2019.
- ↑ Kuvera Banks On Gamification To Bring Young Indians Into The Investment Fold. Inc42 Media(27 July 2020). Retrieved 4 December 2020.
- ↑ Kuber the Lord of Riches, Das, Subhamoy. Learn Religions(1 August 2018). Retrieved 31 July 2019.
- ↑ SEBI | Investment Adviser. www.sebi.gov.in. Retrieved 31 July 2019.
- ↑ Robo-advisory startup Kuvera looks to tap into direct mutual funds market. VCCircle. Retrieved 31 July 2019.
- ↑ Kuvera raises $250k from angel investors. Moneycontrol. Retrieved 31 July 2019.
- ↑ Online financial planning platform Kuvera raises angel funding. VCCircle(3 March 2018). Retrieved 31 July 2019.
- ↑ Wealth Management Startup Kuvera Raises $4.5 Mn From Eight Roads. Inc42 Media(16 April 2019). Retrieved 31 July 2019.
- ↑ Kuvera raises $4.5m in Series A funding. Eight Roads. Retrieved 1 August 2019.
- ↑ Eight Roads writes $4.5 mn cheque to digital investment platform Kuvera. VCCircle(16 April 2019). Retrieved 31 July 2019.
- ↑ Indian wealthtech Kuvera raises $4.5m, April 2019, 17th. FinTech Futures. Retrieved 1 August 2019.
- ↑ Kuvera introduces group health insurance for its users, Kaur, Avneet. mint(30 September 2020). Retrieved 4 December 2020.
- ↑ Mutual funds platform Kuvera now offers Indian investors to invest in US stocks. mint(2 September 2020). Retrieved 4 December 2020.
- ↑ Investment apps offer integrated platforms for global, local stocks, Borate, Neil. mint(3 September 2020). Retrieved 4 December 2020.
External links
Template:Financial services in India Template:Online brokerages Template:FinTech in India