CRED, a high-trust community of creditworthy individuals, brands, and institutions and Kuvera, an online wealth management platform, have agreed on terms for the acquisition of Kuvera by CRED. The acquisition accelerates the CRED mission of enabling financial progress for members.
Kuvera is a top five direct mutual fund platform with a 3L+ user community tracking more than Rs 50,000 crore in assets. Apart from the zero-commission mutual fund offering, Kuvera has built several tools that offer holistic asset tracking, advisory, risk-based asset exploration, family accounts, and diverse asset classes. Kuvera has a loyal and active base of affluent users who invest significantly more than the average Indian retail investor. The Kuvera investor’s average SIP size is over Rs 5,000, 2x more than industry average, and total mutual fund investment of over Rs 12 lakh is 5x higher than the industry average.
Kuvera founders, Gaurav Rastogi and Neelabh Sanyal, come with deep expertise in the wealth management industry. Post acquisition, Kuvera founders, team, and product will continue to operate independently while working closely with CRED leadership to scale its network, ecosystem, brand, and distribution. Kuvera customers’ account, portfolio, and all ongoing investments will continue seamlessly even as they stand to benefit from the combined expertise, synergies, and resources of Kuvera and CRED.
The acquisition brings together two leading fintechs who focus on enabling long-term wealth creation through the power of compounding for affluent, financially astute Indians. By expanding the ecosystem of products for prudent investors, and a transparent, easy-to-understand model aimed at protecting investor interests, Kuvera’s alignment with CRED is another step towards increasing trust and acceptance of mutual funds for retail investors.
Kunal Shah, Founder, CRED, said, “Excited to welcome Kuvera and their team into the high-trust CRED ecosystem. Kuvera is extremely popular among financially savvy Indians; their products and vision are aligned with CRED’s principle of investing for long-term value creation rather than short-term entertainment. Look forward to working and sharing learnings with the Kuvera team in our mutual intent to enable financial progress.”
Gaurav Rastogi, Founder, Kuvera said, “Through our engagement with CRED we realized that our core values of transparency, user value and simplicity align beautifully with each other. Together with CRED we see an exciting opportunity to fast-track building new products and features for our community while also bringing a trusted wealth management solution to millions more.”
With this agreement on terms, the transaction – a mix of cash and stock – will proceed towards closure.
