Tiger Global invests $15mn in wealth management startup INDwealth

Tiger Global Management has invested $15 million in wealth management startup INDwealth, which was founded by former GoIbibo Group CEO Ashish Kashyap.

INDwealth plans to utilise the capital to build its technology, artificial intelligence and advisory team. It will also invest the fund in acquiring customers and marketing programmes.

The startup that targets high net individuals and affluent families recently raised $30 million from Steadview Capital.

INDwealth launched its first app in April. The platform 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.

It has also enrolled certified wealth advisers that get mapped to every user family. The company also launched a wealth adviser facing web application thereby creating communication and feedback loops between customers and advisers.

           Ashish Kashyap

"We feel privileged to partner Tiger Global and Steadview Capital. We look forward to leveraging their global experiences and learnings in the fintech and broader financial services speace," said Ashish Kashyap, Founder and CEO of INDwealth, in a statement.

"The opportunity is massive as managed wealth is under-penetrated. The timing could not have been better as the need for use of data science and machine learning is even more pronounced in the wealth management industry," he added.

Kashyap stayed at the Ibibo Group for almost a decade only to exit after the company was acquired by MakeMyTrip in 2017.

Also read: Setting Sail podcast | Goibibo founder made it big, sold his firm and is starting all over again