CRED eyes stake in Kuvera
Holds talks with mutual fund startup amid Groww-Zerodha market dominance: Report
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New Delhi: As the stock and mutual fund broking market, currently dominated by the likes of Zerodha and Groww, see tremendous growth, credit card bill payment leader CRED is reportedly in talks to acquire online wealth management platform Kuvera.
The acquisition talks are currently on and a deal could be finalised within weeks, reports TechCrunch, citing a source.
CRED or Kuvera didn’t immediately comment on the report. Founded in 2016, Fidelity-backed Kuvera allows its users to invest in Indian and US stocks, mutual funds and fixed deposits (FDs).
Kuvera has raised about $10 million to date and has assets under management (AUM) worth $1.4 billion, according to the report. CRED, valued at over $6 billion, is expanding its wealth management offerings for quite some time as the Indian mutual fund market continues to grow at a fast pace.
“Five years since launch, we believe that CRED -- and prudent financial behaviour -- are becoming a habit for the top one per cent. Our focus remains on rewarding the creditworthy with more products that improve their lives and lifestyles,” said Kunal Shah, Founder, CRED.
