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Kuvera
Company typePrivate
IndustryPersonal Finance, Financial Services
Founded2016
FounderGaurav Rastogi, Neelabh Sanyal
HeadquartersBangalore,
India
ServicesDirect Mutual Funds, Tax Harvesting, Smart Trading, Family Account
AUM₹28,000 Crore
OwnerCred
ParentArevuk Advisory Services Pvt. Ltd.
Websitehttps://kuvera.in

Kuvera is an Indian online wealth management platform for mutual funds, digital gold, fixed deposits, cryptocurrency exchange, insurance & US ETF investment. It is operated by Arevuk Advisory Services Pvt. Ltd., a company headquartered in Bangalore.[1][2]

History

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Kuvera was founded in 2016 by Gaurav Rastogi - ex-portfolio manager at Morgan Stanley and Neelabh Sanyal - former vice-president with Axis Capital.[3] Mayank Sharma, cloud architect at Amagi joined as the third co-founder in 2017, assuming the responsibility of head of technology.[2][4]

Kuvera.in derives its name from Kuber (also called Kubera or Kuvera), the lord of riches and treasures according to Hindu mythology.[5]

Kuvera's parent company, Arevuk Advisory Services Pvt. Ltd. registered as investment advisor (RIA) with SEBI (registration no INA200005166) on 19 July 2016 [6]

The website was launched in 2017.[2] Over the course of the year, Kuvera introduced the robo-advisory tools on its platform.[7]

Kuvera raised a total of $500,000 in two rounds of angel funding. In March 2018, it raised $250,000 in the second round of angel investment from Baskar Subramanian, co-founder, Amagi, Saket Kumar, Managing Director, Swank Capital among others.[2][8][9]

In April 2019, Kuvera received a Series A investment of $4.5 Million from the lead investor Eight Roads Fintech Strategic Investments,[10][11] the investment arm of Fidelity International for building the team and expanding the product portfolio.[12][13]

The company also launched a group health insurance cover for its users underwritten by Bharti AXA that covers medical expenses.[14]

Mayank Sharma, CTO left the company in February 2021.[citation needed]

Kuvera was acquired by Cred (company) in a cash-and stock-deal to enter the wealth-management space.[15]

Partnership

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In September 2020, the company established a partnership with Vested Finance to allow its Indian traders to invest in the US stocks including Netflix, Facebook, and Apple.[16][17]

See also

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References

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  1. ^ Parikh, Saurin (5 October 2018). "Using the Internet for your financial investments". The Hindu. ISSN 0971-751X. Retrieved 31 July 2019.
  2. ^ a b c d Malik, Yuvraj (3 March 2018). "Mutual funds platform Kuvera raises $250,000 from angel investors". livemint. Retrieved 31 July 2019.
  3. ^ Malik, Yuvraj (23 August 2017). "Mutual funds platform Kuvera ties up with Uber". LiveMint. Retrieved 31 July 2019.
  4. ^ "Kuvera Banks On Gamification To Bring Young Indians Into The Investment Fold". Inc42 Media. 27 July 2020. Retrieved 4 December 2020.
  5. ^ Das, Subhamoy (1 August 2018). "Kuber the Lord of Riches". Learn Religions. Retrieved 31 July 2019.
  6. ^ "SEBI | Investment Adviser". www.sebi.gov.in. Retrieved 31 July 2019.
  7. ^ "Robo-advisory startup Kuvera looks to tap into direct mutual funds market". VCCircle. Retrieved 31 July 2019.
  8. ^ "Kuvera raises $250k from angel investors". Moneycontrol. Retrieved 31 July 2019.
  9. ^ "Online financial planning platform Kuvera raises angel funding". VCCircle. 3 March 2018. Retrieved 31 July 2019.
  10. ^ "Wealth Management Startup Kuvera Raises $4.5 Mn From Eight Roads". Inc42 Media. 16 April 2019. Retrieved 31 July 2019.
  11. ^ "Kuvera raises $4.5m in Series A funding". Eight Roads. Retrieved 1 August 2019.
  12. ^ "Eight Roads writes $4.5 mn cheque to digital investment platform Kuvera". VCCircle. 16 April 2019. Retrieved 31 July 2019.
  13. ^ April 2019, 17th. "Indian wealthtech Kuvera raises $4.5m". FinTech Futures. Retrieved 1 August 2019.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. ^ Kaur, Avneet (30 September 2020). "Kuvera introduces group health insurance for its users". mint. Retrieved 4 December 2020.
  15. ^ Rag, Ajay (6 February 2024). "Cred to buy Kuvera to enter wealth management". The Economic Times. ISSN 0013-0389. Retrieved 16 September 2024.
  16. ^ "Mutual funds platform Kuvera now offers Indian investors to invest in US stocks". mint. 2 September 2020. Retrieved 4 December 2020.
  17. ^ Borate, Neil (3 September 2020). "Investment apps offer integrated platforms for global, local stocks". mint. Retrieved 4 December 2020.
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