Kuvera is an Indian online wealth management platform for mutual funds, digital gold, fixed deposits, cryptocurrency exchange, insurance and US ETF investment. The probable acquisition is a sign of CRED's growing interest in the lucrative category of stock investments and mutual funds.
The detailed discussions are ongoing and an acquisition deal could finalize within weeks, the source said, requesting anonymity as the details are private.
CRED, valued at over $6 billion, is expanding its offering other than credit cards & loans payment. The Indian mutual fund market is one of the largest and fastest-growing in the world.
In ongoing funding winter and layoffs among startups, Mutual Funds and Investment platforms has emerged as one of the lucrative investment choices of investors and VCs. Mutual funds and robust equity markets have given Indian savers a good foundation for financial products
Of late, investment platforms like Jiraaf, Stable Money and Volt Money have successfully raised money with Mutual Funds as one of their offerings.
Cred offers different products including Cred RentPay, Cred Cash, Cred Pay, Cred Store, and Cred Travel Store, etc. In August 2021, Cred launched a Peer to Peer (P2P) lending feature known as Cred Mint that aims to monetise through its 7.5 million users.
Founded in 2016, by Gaurav Rastogi — ex-portfolio manager at Morgan Stanley, and Neelabh Sanyal — former vice-president with Axis Capital, Kuvera has raised about $10 million to date from number of angel investors and also from Eight Roads Fintech Strategic Investments, the investment arm of Fidelity International.
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