INDwealth – Artificial Intelligence (AI) and Machine learning (ML) based financial advisory platforms for HNIs – has raised $15 million from New York headquartered hedge fund Tiger Global. According to media reports, no other prominent investors participated in the funding round. The latest funding comes barely 10 months after INDwealth secured whopping $30 Mn capital infusion from Steadview Capital.
Ashish Kashyap, Founder and CEO INDwealth, said that the company will use the latest funds to ramp up its technology and R&D advisory team. He further said that significant portion of the funding will also be spent on marketing and customer acquisition programmes.
INDwealth is a wealth management platform that leverages the power of cutting-edge technologies like AI and ML to offer expertise financial advice to HNI investors. With the emphasis on technology, Gurugram-headquartered is supposedly nullifying the scope of bias and error created due to human intervention.
INDwealth is certainly not the first company to use technologies like AI and ML. There are scores of Fintech startups that are following the same strategy to weed out human intervention in the financial advisory field. However, it is still pretty much early days to unilaterally claim that technologies like AI and ML will eventually replace human advisors.
It is also worth noting that despite all the information bubble many people including HNI investors still end up making terrible investment decisions.
Meanwhile, this is Ashish Kashyap’s second business venture. His first business venture was a successful travel company Goibibo, which recently merged with MakeMyTrip.
As for Tiger Global, investment in INDwealth marks New York based hedge fund’s sustained interest in the Indian startup ecosystem. Rumors are also rife in the market that the American hedge fund may also invest in Kunal Shah’s startup Cred. Recent media reports claim that Cred is looking to raise $125 Mn in series A round at a valuation of nearly $500 Mn.