Kuvera.in
Indian Financial Services company
From Wikipedia, the free encyclopedia
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] In February 2024, Kuvera was acquired by Cred.[3]
 | |
| Company type | Private |
|---|---|
| Industry | Personal finance, financial services |
| Founded | 2016 |
| Founder | Gaurav Rastogi, Neelabh Sanyal |
| Fate | Acquired by CRED |
| Headquarters | Bangalore, India |
| Services | Direct Mutual Funds, Tax Harvesting, Smart Trading, Family Account |
| AUM | ₹280 billion |
| Owner | Cred |
| Parent | Arevuk Advisory Services Pvt. Ltd. |
| Website | https://kuvera.in |
History
Kuvera was founded in 2016 by Gaurav Rastogi - ex-portfolio manager at Morgan Stanley and Neelabh Sanyal - former vice-president with Axis Capital.[4] Mayank Sharma, cloud architect at Amagi joined as the third co-founder in 2017, assuming the responsibility of head of technology.[2][5]
Kuvera.in derives its name from Kuber (also called Kubera or Kuvera), the lord of riches and treasures according to Hindu mythology.[6]
Kuvera's parent company, Arevuk Advisory Services Pvt. Ltd. registered as investment advisor (RIA) with SEBI (registration no INA200005166) on 19 July 2016[7]
The website was launched in 2017.[2] Over the course of the year, Kuvera introduced the robo-advisory tools on its platform.[8]
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][9][10]
In April 2019, Kuvera received a Series A investment of $4.5 Million from the lead investor Eight Roads Fintech Strategic Investments,[11][12] the investment arm of Fidelity International for building the team and expanding the product portfolio.[13][14]
The company also launched a group health insurance cover for its users underwritten by Bharti AXA that covers medical expenses.[15]
Mayank Sharma, CTO left the company in February 2021.[citation needed]
In February 2024, Kuvera was acquired by fintech company Cred in a cash and stock deal to enter the wealth-management space.[3]