Top 10 Wealthtech Companies in India 2022
With the changing world where people are adopting the digital technologies and their focus and interest are changing with the time, so that has brought the interest of the investors on the sector called wealth tech, which is not old school but every investor is trying to get into this market for once.
In India, there are more than three hundred wealth tech company startups that are providing various services like personal financial management, online brokerage, advisory services, wealth tech-related services, and many more.
This particular sector has received a lot of attention and has seen the rise of the market and one of the reasons is the pandemic due to which people have shifted towards online mode and found it more convenient.
Internet usage has increased by 8% during the pandemic and people have adopted the digital way more efficiently in India. This increased development of the Fintech market and due to which it has become one of the fastest developing Fintech markets and competes with the United States.
In the year 2020, the wealth tech market had around US $ 20 billion but that is expected to go up by US $ 63 billion by 2025 as per the reports. The market is already experiencing growth in the participation of investors from tier-II cities.
So these are the top 10 wealthy tech companies in India.
1) IND Wealth
The company IND Wealth was founded in the year 2019 and has its headquarters in Gurgaon, Haryana. It is a privately owned company that has maintained a good track record.
The company was founded by Ashish Kashyap, who is already a known name as an entrepreneur and the founder of the ibibo group that includes redBus, Pay U India, and Goibibo and he was also the first country head of India by Google.
IND Wealth is known for its services like tracking the liabilities and investment of the customers across the crypto, mutual funds, Indian stocks, fixed deposits, loans, insurances, credit cards, NPS, EPF, and many more.
The company also provides a zero brokerage platform for the investment in mutual funds, US stocks, PMS, and fixed deposits.
The company works through an app that organizes the finances of customers and also helps them manage their investments with zero commission. They have investors like Tona Investment, Tiger Global, Steadview Capital, Dragoneer with an investment of around $ 58 million in the company.
They have the core team of Ashish Kashyap who is serving as the Chief Executive Officer, Pratiksha Dake (co-founder & Chief Product Officer), Amrita Sirohia (co-founder & SPV wealth management), and Varun Bhatia (co-founder & Director of Engineering).
The customers can also learn about the cash flow and goal achievements via the machine learning algorithm. Also, the company is registered with SEBI with the name of its parent company that is Finzoom Investment Advisors as a start-up.
2) Zerodha
The company Zerodha Broking Limited is one of the top companies in India. It was established in the year 2010 and was founded by Nikhil Kamath & Nithin Kamath. Also, the company is among one of the first discount brokers in India and they claim to be the largest stockbroker in the country.
Zerodha has its headquarters in Bangalore, India. They have currently 5 million clients and they offer services in a wide range. Zerodha works across the country and has served many clients earlier who are satisfied & happy with the service & it contributes more than 15% across stock exchange all over India of daily retail volumes.
In the year 2020, the company reached the self-assessed valuation that is over $ 1 billion that was based on the ESOP buyback at four times the book value. Zerodha provides the service of future investment, currency derivatives, commodities, stocks, mutual funds, bonds, and IPOs.
Being a startup, the company has generated good revenue and has been in profit since its founding. Zerodha company has generated over US $ 127 million in the year 2020 and they have a self-evaluation of 1 billion dollars.
The company charges reasonably when you trade for currency, equity, and commodities that are 0.03% or Rs 20 ($0.27) and if you do interday trade with the company they are free of charge.
Zerodha has also won the award for Startup of the Year at Economic Times Startup Awards in the year 2020, Bootstrap Champ Award in the year 2016, and many more.
3) Upstox
Upstox is one of the most recognized companies in India that was established in the year 2009. It is an online investment brand that was launched by RSKV Securities that is based in Mumbai, Maharashtra.
The company is also a registered financial service provider by SEBI. They offer many services like easy to trade, low-cost trading, mutual funds, currency derivative trading, commodity trading, etc.
RSKV Securities is also a member of CDSL, NSE, BSE, NSDL, NCDEX, and MCX. Along with that, the company offers their equity trading delivery to the customers for free of cost & no brokerage fee is charged for the orders placed in the segment but for other trading segments across the exchange, they charge Rs 20 per trade brokerage.
Upstox has been actively investing in the technologies and it provides excellent tools & platforms to the customers that include Aldo Lab, Upstox Pro Web, Upstox MF, Upstox Pro Mobile, etc. The company is backed up by Tiger Global and Ratan Tata & has raised around twenty-nine million dollars.
4) Groww
The company Groww is one of the top online investment platform services in India that was established in the year 2016. Groww has its roots in Bangalore, Karnataka & the company is owned by Nextbillion Technology whereas Lalit Keshare is serving as the Chief Executive Officer of the firm with Neeraj Sing, Ishan Bansal, and Harsh Jain in the core team.
They have raised more than $ 140 million till April 2021 and have a valuation of $ 1 billion. Earlier, the company has raised around $ 1.6 million through funding from investors like Kairos, Insignia Ventures Partners, Lightbridge Partners, and many more in the year 2018, after that in the year 2019, Groww raised $ 6.2 million from the funding that was led by Sequoia Capital India.
Later, the mutual fund business of Indiabulls was acquired by the company to enter the AMC (Asset Management Business).
The company offers the service to invest in US stocks that were previously not available in the Indian market. They have over 10 million users on their side. Groww has won many awards that include BSE Star MF for the second-best performer in RFD in Karnataka for the year 2017 – 18, the first position in BSE Star MF Fintech for highest transaction in the year 2018 – 19, and many more.
5) Kuvera
The company was founded by Gaurav Rastogi & Neelabh Sanyal in the year 2016 that has its headquarters in Bangalore, Karnataka.
It is a platform that manages the wealth positions of the investors and also offers the service of direct investment into mutual funds without charging any commission or fees.
It is considered one of the ideal online platforms for digital gold, cryptocurrency, mutual funds, and other investments. Along with that, they provide loan facilities backed up with one’s portfolio.
Currently, the company is operated by Arevuk Advisory Service Private Limited. They have an AUM (Asset Under Management) of Rs 28,000 crore. The company launched its website in the year 2017 & they have introduced the Robo-advisory tools via its platform.
Kuvera has raised around $ 500,000 in two rounds of funding and they have also offered a group health insurance coverage for their users which will cover all the medical expenses. In the year 2020, Kuvera started its partnership with Vested Finance and after that it allowed the Indian traders to make investments in the US stocks like Facebook, Apple, and Netflix.
The company has more than 1.1 million signed-up users on its platform.
6) Scripbox
It seems like Bangalore has taken up the responsibility of the wealth tech market as many other companies on the list, Scripbox has its headquarters in Bangalore, Karnataka.
The company was established in the year 2012 and it was founded by Atul Singhal & Sanjiv Singhal, who is currently serving as the Chief Executive Officer (CEO) & Chief Operating Officer (COO) of the company.
Scripbox.com India Private Limited is functional across 2440+ cities of India, along with that the company has come up as a strong player in the market as it is extending its presence and spot.
The company announced its services for the NRIs who are residing in Singapore and the United Arab Emirates in the year 2020.
Scripbox has an AUM (Asset Under Management) of Rs 250 crore. Apart from that, the company has raised over Rs 200 crores via funding from Omidyar Network, Accel Partner and even Accel invested in three series.
The company has more than 4,500 millionaire clients and they look up to the investment of over $ 450 million.
They have won many awards that include the first position in the Fintech category for the year 2016-17, Atul Singhania, the CEO of Scripbox was named in the top 25 Financial Technology CEOs in Asia for the year 2020 and also the Entrepreneur of the year in Service Business in the year 2020.
7) ET Money
ET money is one of the known companies in India the company is a part of the Times of India Group that provides the service for managing the financial part of the customers.
The company was started in the year 2015 and has its headquarters in Gurugram, Haryana.
The company has managed to spot its position in the top 10 list of wealthy tech companies. ET Money is functional in more than 500 cities across India and has more than 40 lakh Indian customers who are happy & satisfied with the service of ET Money.
The company was founded by Mukesh P Kalra, who is currently serving as the Chief Executive Officer. The company has provided a good space for users with experience of over ten years in the finance industry.
They offer services like loans, credit cards, insurance, and other tools for financial life. The company has expanded itself with every passing year and since last two years, they have grown by 11 times which is a very good graph for a company.
8) Wealth Desk
Wealth Desk is a privately owned financial service company that was founded in the year 2016. They are known for providing high-quality wealth management retail investors at low cost through the premium wealth basket apart from the brokerage.
They are specially recognized for investment technology, brokerage, financial advisory, wealth management, and portfolio management. The company has raised $ 3.2 million in seed funding in the year 2021 from an investor named Mathew Cyriac.
Wealth Desk has its headquarters in Mumbai, Maharashtra & the firm is regularly monitored by the professionals registered by SEBI. They offer SaaS (Software as a Service) platform for B2C that means business & consumer-targeted platforms for advisors & brokers.
9) Cube Wealth
The company Cube Wealth is founded by one of the veterans from the Fintech industry that is Satyen Kothari in the year 2016. The company has its headquarters in Mumbai, Maharashtra.
Cube Wealth believes in working with four magic ingredients, which first is the dedicated wealth coach, that will provide personalized guidance according to the need of customers and the wealth coach will help you to reach the goal.
Second is the top tier investment managers, the company has brilliant minds with them who have managed over $ 2 Billion for the ultra-rich people and has more than ten years of experience in creating & managing the wealth for billionaires.
The third one is they have a simple app which tracks, guides & simplifies the investments and everything is in front of the eyes & on finger tips via app. The last one is managing and analysis of the portfolio, which helps the customers to get a detailed portfolio about their short and long-term investments.
The company is well recognized and they served many & helped many to build their wealth with proper guidance from the experts. They manage wealth for companies like Google, Deloitte, Amazon, and many more. Along with that, they have partners which include Alchemy Capital, Bill Desk, Motilal Oswal, Purnartha, Wealth First, etc. In the last round, they have raised the funding of $500 K in the year 2020.
10) Sqrrl
Sqrrl Fintech is one of the leading companies in this market and they have used the most basic target audience that is the millennials & GenZ and in this way, they have occupied a spot in the industry.
The company was founded in the year 2016 and has its headquarters in Gurgaon, Haryana. They offer various services like mutual fund investment, savings, personal finance, financial advisory, millennials, Fintech, SIP, and many more. The company also gives the loan facility for the users and they are registered by SEBI & India’s Association of Mutual Funds.
The company believes in going with the easiest process with a smooth boarding process and works with smart and artificial intelligence-driven modern investment methodology. They will create a personalized plan whatever will be required for achieving the goal of the customer.
So these are the top 10 wealth tech companies in India for the year 2022 that will help you the most in taking cake & managing your wealth.
edited and proofread by nikita sharma
