Mumbai-based fintech and direct mutual funds investment platform Orowealth has raised $1.6million in Series A Funding led by Powerhouse Ventures.
The latest round of funding that along with Powerhouse Ventures, saw participation by Money Forward Inc., a publicly-listed fintech company in Japan; a prominent US VC Social Capital, under their Capital as a Service program, B Dash Ventures, a Japan-based VC, and other prominent angel investors including Anand Chandrsekaran, ex-CPO Airtel and Dinesh Agarwal, founder of Indiamart.
“We will invest the funds towards product innovation and in strengthening our research capabilities as we look to add new products in the coming months. We also plan to focus on forging alliances with partners who wish to offer tech-enabled wealth products to their customer base,” said Vijay Kuppa, co-founder and COO Orowealth, in a statement to the media.
Established in 2016, a brainchild of three IIT-IIM alumni, Agrawal, Kuppa, and Yogesh Powar, Orowealth offers cutting edge, tech-enabled financial tools for best execution and advice on various financial products such as Mutual Funds (MFs), stocks, bonds and insurance, among others.
The fintech start-up that boast of strong tie-ups with country’s leading financial institutions such as Sharekhan and Online Trading Academy to provide wealth management solutions to their clients, is reportedly managing over Rs 500 crores of assets under advisory and further aims to cross Rs 3000 crores of assets by December 2019.
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