Kunal Shah-led fintech unicorn CRED on Tuesday, February 6, announced the acquisition of online financial planning and investment platform Kuvera, in a mix of cash and stock deal. The collaboration is set to propel CRED's vision of empowering its members towards achieving their financial goals, CRED said in a statement.
This development marks the entry of CRED into the mutual funds market.
Kuvera, recognised as a top five direct mutual fund platform, currently has an user community exceeding 3 lakh individuals. It oversees assets totaling more than ₹50,000 crore.
Notably, Kuvera's active user base, consisting of affluent investors, surpasses the industry average in both investment size and mutual fund commitment, the press statement said.
Post-acquisition, Kuvera will retain its operational independence, with the founders, team, and products continuing to function autonomously.
Collaboration with CRED leadership will focus on scaling the network, ecosystem, brand, and distribution of Kuvera.
Kunal Shah, Founder of CRED highlighted the alignment of values between the two platforms, emphasising the importance of long-term value creation over short-term entertainment.
In a tweet, Shah underscored CRED's commitment to building good financial habits, making mundane tasks more engaging for the financially savvy.
At CRED, we build good habits by making mundane chores less boring for the 1% - whether it’s paying bills or managing cars. Because when it comes to wealth, consistently doing the right thing is more effective than chasing momentary highs.
That also happens to be the credo of…— Kunal Shah (@kunalb11) February 6, 2024
Gaurav Rastogi, Founder of Kuvera sees the partnership as an opportunity to expedite the development of new products and features for their community while extending a trusted wealth management solution to a broader audience.
The acquisition, structured as a mix of cash and stock, is set to proceed towards closure.
First Published: Feb 6, 2024 3:06 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Karnal Lok Sabha seat: BJP's Manohar Lal Khattar faces tough fight amid farmer discontent
May 23, 2024 9:47 PM
What is Form 17C—the clause in debate over disclosure of voter turnout data
May 23, 2024 9:19 PM
Lok Sabha elections 2024: All you need to know about sixth phase
May 23, 2024 4:50 PM