The proprietary investment arm of Fidelity International has invested $4.5m (£3.45m, €3.99m) in Indian digital wealth manager Kuvera in a Series A funding round.
Eight Roads’ fintech strategic team has backed a zero-fee platform, which has more than 100,000 users and manages INR30bn (£330.5m, $431.4m, €382.1m) in mutual fund investments.
The first round of funding will allow Kuvera to build its team and expand its product portfolio.
Kuvera, which was founded in Bangalore by Gaurav Rastogi, Neelabh Sanyal and Mayank Sharma, wants to increase its AI output to help its customers earn better returns and reduce the cost of accessing multiple financial products through a single digital platform.
Alokik Advani, head of fintech strategic investments at Eight Roads, said: “This is our team’s first investment in India. We are really impressed by Kuvera’s platform, which is at par with the best.
“We will leverage our close relationship with Fidelity to support Kuvera in serving the Indian consumer.”
Eight Roads’ fintech team recently backed Moneybox, a savings and investment platform in the UK.