Former CEO and founder of Ibibo Group Ashish Kashyap has launched a wealth management platform called INDWealth.in (Independent Wealth Network), reports the Economic Times. Kashyap has launched this venture along with Pratiksha Dake (CPO), Amrita Sirohia, Varun Bhatia (director of engineering) who are listed in their respective roles on LinkedIn.
The platform, which uses machine learning and AI, will manage personal finance and wealth for high-net worth individuals (HNIs). It offers services like taxation, lending, savings, and management of the investment portfolio. It is currently US based and has 20 advisors and about 20-40 employees in its Gurgaon office in India. The startup will roll out apps for its service on Android and iOS by January 2019. It will start by serving HNIs with annual income of Rs 18-20 lakhs, and will later expand to a wider pool of individuals.
INDWealth has also raised $30 million in seed funding from Hong Kong based asset management hedge fund Steadview Capital, the ET report added.
Kashyap quit Ibibo Group, which included goibibo and redBus, in September last year. NASDAQ-listed MakeMyTrip had acquired the Ibibo group two years ago, although ibibo remains a separate platform from MakeMyTrip.
Online players in wealth management
Several online players have now entered wealth management, and most have offered mutual funds to customers:
- MobiKwik acquired Clearfunds which manages direct mutual fund investments, and SIP for customers, earlier this month for an undisclosed amount.
- MobiKwik also offers gold purchases on its app; earlier this month, it launched an instant loan disbursal system ‘Boost’, which lends upto Rs 60,000 to the user’s wallet in 1.5 minutes.
- Times Internet’s ETMoney is a personal expense management app which allows users to invest in mutual funds, gold deposits, liquid funds etc, buy insurance, and manage expenses. This month, it offered an option for customers to convert their regular mutual funds to zero-commission direct mutual funds.
- In September, Paytm launched Paytm Money for investments in mutual funds, it offers only direct plans which have no commission costs unlike regular plans. As on launch, Paytm was not charging investors for mutual fund investment and had declined to comment if or when it would start doing so.
- Freecharge customers can invest in mutual funds beginning with a minimum amount of Rs 500, and additional investment starting with Rs 100.