Tiger Global invests $15 million in Ibibo founder’s new startup INDwealth1 min read . Updated: 22 Aug 2019, 10:49 AM IST
- INDwealth.in is wealth management firm targeted at high networth individuals
- The startup last raised a seed funding round of $30 million from hedge fund Steadview Capital in October last year
Wealth management platform INDwealth, founded by Ashish Kashyap, the former chief executive of travel portal Ibibo, said on Thursday that it has raised $15 million in funding from US-based investment fund Tiger Global Management, one of India’s most prolific technology startup investors.
INDwealth.in is wealth management firm targeted at high networth individuals (HNIs) and affluent families, and plans to use the funds raised to build out its artificial intelligence (AI), research and development (R&D), advisory team as well as invest towards innovative customer acquisition and marketing programs.
It enables consumers to organise and track their financial life across investments, loans, expenses and taxes and in turn get machine learning driven recommendations to improve their financial future and cash flows.
The startup last raised a seed funding round of $30 million from hedge fund Steadview Capital in October last year, also making it one of the biggest seed rounds in India.
These investments also underlines the ease with which second time founders are raising money from venture capitalists, who are bullish on backing founders with experience of building and making money from a business.
Freecharge co-founder Kunal Shah, and Myntra founders Mukesh Bansal and Ankit Nagori, have both benefited from this phenomenon, raising large rounds of capital in very short time spans.
Shah’s latest venture Cred, which gives reward points for paying your credit card bills, raised $30 million in a seed round last year from global investors, and is currently raising $125 million at a valuation of upto $500 million for its Series A round.
Similarly, Bansal and Nagori, have raised $170 million in two years for their health and fitness startup Cure.fit. In June it last raised $120 million led by Accel Partners, Chiratae Ventures and Kalaari Capital, among others.