After Ibibo Ashish Kashyap now launches IndWealth after receiving a seed investment of $30 million.
Ashish Kashyap, founder of the famous travel company Ibibo Group, which was acquired by MakeMyTrip for an estimated $2 billion two years ago, has launched his second entrepreneurial venture IndWealth in June this year and it will be operational from January 2019.
Kashyap received a seed investment of $30 million (about Rs 220 crore) from UK and Hong Kong-based hedge fund SteadView Capital, an India dedicated fund that is investing in this venture. This is possibly the largest funding raised by a startup that is still in its metamorphosis mode.
On the investment in IndWealth, Ravi Mehta, founder & CIO of Steadview, said, “We see an enormous opportunity for technology to democratize wealth management in India across income levels. Ashish is a proven capitalist who has demonstrated his capability to productively solve structural industry problems using expertise in the travel space, and we are very excited to back him to do the same in wealth management.”
IndWealth is a wealth management system based on artificial intelligence and machine learning. It also serves as an advisory platform that offers its services to high net worth and affluent individuals. It is a one-stop solution for its users to handle their investments, liabilities, future cash flows and taxation.
Speaking about IndWealth, Ashish said in a statement, “Managed wealth in India is under-penetrated at less than 10 percent. The connection of AI and machine learning with finance combined with the fact that managed wealth is an under-penetrated sector represents a large opportunity.
As a consumer, there are several gaps and problems that I have experienced first-hand in this industry. Having identified the solutions, we are looking forward to solve the same by use of technology and by delivering a transparent, simple and intelligent user experience via INDwealth.in.”
He further added speaking to the media that, “The key learning is, managing money cannot be done through a single dimension. It can’t just be done through investments. It has to be done through an amalgamation of investment, liabilities and taxation. We want to play a very important part of the consumer’s financial life.”
You Might Aslo Like To Read GoZefo: Sequoia - Backed startup raises $3 million in funding
According to Kashyap, the platform is anticipated to launch in the Google Play Store and iOS App Store in January next year and will primarily target the affluent groups or individuals with an annual incomes starting from Rs 18-Rs 20 lakhs or above. In future the bar may rise even higher. The company has an experienced team of financial counselors working with them as a part of the company who will advise and work with its users.
Kashyap speaking about the uniqueness of his products said, “Everyone is developing products and solutions of various sub-categories, but they all intersect. We wanted to bring all of this under one roof, which is classic wealth management practice. This will enable consumers to plan their goals for the future.”
The parent company of IndWealth is Finzoom Investments, which is registered in Gurgaon.
Ashish founded Ibibo in 2007 and pulled it off well for over ten years. He left Ibibo in September 2017 after its acquisition by MakeMyTrip in October 2016. Not just this he also co-founded PayU-India (ibibo Pay), a leading payment service provider in 2011 that was merged with Naspers into a global entity in 2014.