Mumbai-based wealth management startup CashRich has raised around ₹7 crore in a funding round from three UK-based angel investors.
The funds raised will be used to boost its technology platform and automate major investment management steps like asset allocation, portfolio diversification, and rebalancing, to personalise and enhance the experience for its users.
CashRich was founded by Sougata Das in 2017. The startup provides a simple investment platform, enabling users to invest in mutual funds, by offering personalised wealth management advice, based on individual goals of its users.
The app is available on both Android and iOS platform and claims to have around 90,000 users on both the platforms. It offers more than 6,000 schemes for its users to chose from, based on their requirements.
Speaking on the investment, Sougata Basu, Founder of CashRich, said, “We are grateful to our existing investors from the UK who have trusted our idea and execution. We will use this additional capital to further simplify the personal wealth management process for thousands of Indian investors.”
The startup will be looking to introduce Dynamic SIP feature on its app, helping investors invest in the market during a crisis.
Indian startup ecosystem is witnessing a growth in the number of wealth management startups, as the disposable incomes for the middle-class Indians rises.
Other wealth management startups competing with CashRich in India include Paytm Money, Fisdom, Scripbox, WealthTrust, and Groww, among many others.
Last month, Cube Wealth raised ₹14.6 crore in a series A round from Beenext, Asuka Holding, and 500 Startups. Another wealth tech startup INDwealth raised ₹220 crore in seed funding from Steadview Capital.
Also in October, MobiKwik acquired clearfunds, marking its foray in the wealth management domain.