Bengaluru-based fintech unicorn has acquired investment and wealth management platform Kuvera in a mix of cash and stock.
Post acquisition, Kuvera’s founders and team will continue to operate independently, while working closely with the CRED leadership to scale its network, ecosystem, brand, and distribution, Kuvera said in a statement.
However, the startup didn’t disclose the total acquisition cost.
Founded by Gaurav Rastogi and Neelabh Sanyal, Bengaluru-based Kuvera is a direct mutual fund platform with over 3 lakh users, tracking more than Rs 50,000 crore in assets.
“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,” said Kunal Shah, Founder, CRED.
In June last year, CRED acquired micro-saving app Spenny, with Spenny’s co-founder and team joining CRED’s product team. Bengaluru-based Spenny rounds off users’ spare change from online transactions and invests in digital gold and mutual funds.
Edited by Swetha Kannan
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