CRED said on Tuesday it will acquire wealth management firm Kuvera in a cash and stock deal. It did not disclose the size of the deal. This marks the fifth acquisition for the Kunal Shah-led firm since its inception and second in the past year.
Kuvera is extremely popular among financially savvy Indians; their products and vision are aligned with CRED’s principle of investing for long-term value creation rather than short-term entertainment,” Shah said in a release.
Following the acquisition, Kuvera founders, team, and product will continue to operate independently while working closely with CRED leadership to scale its network, ecosystem, brand, and distribution, the release said.
Founded in 2017, Kuvera has over 300,000 customers and assets under advice of more than Rs 50,000 crore. Apart from mutual funds, the company also offers asset tracking, advisory, risk-based asset exploration, family accounts, and diverse asset classes.
Together with CRED we see an exciting opportunity to fast-track building new products and features for our community while also bringing a trusted wealth management solution to millions more says Gaurav Rastogi, founder, Kuvera. Founded in 2018, CRED is a rewards-based payment application that helps users pay credit card bills, utility bills, rent, and school fees, among other things.