The Indian Wire » Startups » Tiger Global invests ₹107 crores ($15 Million) in fintech startup INDwealth
Startups

Tiger Global invests ₹107 crores ($15 Million) in fintech startup INDwealth

New York-based hedge fund Tiger Global, has invested $15 million (approx ₹107 crore) in INDwealth. The Gurugram-headquartered fintech platform will use the fresh funds to execute and scale its platform.

It also plans to ramp up development on its technology platform including artificial intelligence, research and development and the advisory team as well as invest towards innovative customer acquisition and marketing campaigns.

“We are excited to partner with Ashish and the INDwealth team, who we think have the strategic vision to transform the wealth management industry in India. We believe INDwealth has a tremendous opportunity for growth by delivering low-cost, transparent, and personalized financial management services,” said Scott Shleifer, partner, Tiger Global Management.

INDwealth was founded by Ashish Kashyap, Pratiksha Dake, and Varun Bhatia in 2018. The space is a personal financial advisory agent, which offers advice across asset classes, loans, and tax investment.

The platform enables consumers to organise and track their wealth across investments, loans, expenses and taxes and in turn get machine learning-driven recommendations to improve their financial future and cash flows.

Ashish Kashyap, founder and CEO of INDwealth said, “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-based transparent & full-stack wealth management platform. The opportunity is massive as managed wealth is under-penetrated.”

Kashyap further said that INDwealth will have an initial focus on the affluent and high net worth individual (HNI) category, given the complexities in this segment, and will later look at providing its services to the middle segment of the pyramid.

Moreover, according to industry estimates, there are about 150K families in India with a wealth of $3.56 Mn (INR 25 Cr) or more, which is expected to rise to 500K by 2025. While, the cumulative wealth will increase to $7.1 Tn (INR 500 Tn) by 2025 from now.

The startups which also comes under the similar roof as INDwealth, include Fisdom, Tauro Wealth, Tipbazaar, Scripbox, including many more.

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