Mutual funds platform Kuvera ties up with Uber
New Delhi: Kuvera, a wealth management platform, has partnered with Uber to offer investment products and financial planning services to Uber’s driver partners, it said on Wednesday.
Bengaluru-based Kuvera lists “direct only” mutual fund plans, allowing its users to create and monitor their portfolio on the platform. Direct only plans are open-ended mutual fund schemes where buyers do not pay a commission to the distributor.
“Financial planning is an effective way to determine financial goals and manage income more effectively. As a step in furthering our commitment to driver partners, we’re delighted to partner with Kuvera to make investment services accessible to our driver partners,” Uber’s general manager for south region Christian Freese said in a statement.
Through the partnership, Uber drivers will get access to investment schemes and advisory services on Kuvera. The service will initially be available to Uber drivers in Bengaluru.
“This partnership is a big step towards introducing more individuals to the mutual funds space. We work hard to ensure our advice is jargon-free, unbiased and free of hidden commissions and charges,” said Gaurav Rastogi, chief executive at Kuvera.
In 2013, capital markets regulator Securities and Exchange Board of India (Sebi) made it mandatory for asset management companies (AMC) to have direct plans for each of their schemes. Since the distributor’s commission in not included in the scheme, direct plans are cheaper for the investor.
Kuvera, a Sebi-registered investment advisor, claims to be among the first online platform for direct mutual fund schemes, with plans listed from over 30 fund houses. It competes with more-established players like Scripbox and Funds India.
Kuvera was founded in 2016 by Rastogi, a former portfolio manager at Morgan Stanley, and investment banker Neelabh Sanyal, who has earlier worked with ICICI Deutsche Bank and Axis Capital.