Ibibo Group founder Ashish Kashyap which was later acquired by travel giant MakeMyTrip, has now launched his second entrepreneurial venture called IndWealth, 13 months after quitting the domestic travel behemoth.
IndWealth is an artificial intelligence and machine learning-based wealth management and advisory platform. The company will offer a range of services to high net worth and ultra high net worth individuals.
In seed funding, the company raised an estimated $30 million (about Rs 220 crore) which is possibly the largest funding round raised by a homegrown startup that is still in stealth mode.
“The key learning is, managing money cannot be done through a single dimension,” Kashyap stated. “It can’t just be done through investments. It has to be done through a combination of investment, liabilities and taxation. We want to play a very important part of the consumer’s financial life.”
The company will provide customers investment planning, tax analytics and tax savings strategies, help manage their future cash flows and liabilities, built on proprietary technology, and underpinned by artificial intelligence and machine learning. Also, the the platform is expected to launch in the Google Play Store and iOS App Store in January next year.