Steadview Capital, an India dedicated investment fund is investing $30 Mn in Ashish Kashyap founded, INDwealth.in, a full stack wealth technology platform. The financial advisory platform will leverage AI and machine learning to enable users to manage their investments, liabilities, future cash flows and taxation all as a one stop solution.
The platform's core value proposition will be enable users to create financial goals and hence manage their future cash flows in a time line format. The platform will “transparently” provide a user family with analytics and re-balancing recommendation on investments across asset classes & loans. All of this will be backed with tax analytics and tax harvesting strategies. The company is also in the process of building a team of certified Finance counsellors across India that will be dedicated to each user family.
The company's aim is to democratise finance by use of technology and at the same time leverage human intelligence. The company plans to also launch other Financial Technology applications for different user segments and use cases. INDwealth is going to be the first wealth-tech application from the company targeted at the affluent and HNI segments. The applications will be available on web, android and ioS.
Ashish Kashyap, Founder & CEO of IndWealth, "I am excited to partner Steadview to launch INDwealth.in. Managed wealth in India is under-penetrated at less than 10%. Intersection of AI and Machine learning with finance combined with the fact that managed wealth is an under-penetrated sector, represents a large opportunity. As a consumer, there are several gaps and problems that I have experienced first hand in the wealth management industry. Having identified the solutions, we are looking forward to solve the same by use of technology and by delivering a transparent, simple and intelligent user experience via INDwealth.in.”
Speaking about the opportunity, Ravi Mehta, Founder & CIO of Steadview said, “Globally, this space has seen some innovative applications of tech, especially artificial intelligence and machine leaning, combined with human touch to change the way wealth is managed for individuals. Further, the scope of wealth management is no more restricted to the top of the pyramid. We see a massive opportunity for technology to democratize wealth management in India across income levels. Ashish is a proven entrepreneur who has demonstrated his ability to successfully solve structural industry problems using technology in the travel space, and we are very excited to back him to do the same in wealth management.”