Fintech unicorn CRED, led by Kunal Shah has acquired Kuvera, an online financial planning and investment platform, through a combination of cash and stock.    

CRED stated that this partnership is geared towards advancing its mission of helping its members reach their financial objectives. This development marks the entry of CRED into the mutual funds market.   

Kuvera is a top five direct mutual fund platform with over 3 lakh plus user community tracking more than Rs 50,000 crore in assets. Apart from the zero-commission mutual fund offering, Kuvera has built several tools that offer holistic asset tracking, advisory, risk-based asset exploration, family accounts, and diverse asset classes.  

The company has an active base of affluent users who invest significantly more than the average Indian retail investor. Its investor’s average SIP size is over Rs 5,000, 2x more than the industry average, and total mutual fund investment of over Rs 12 lakh is 5x higher than the industry average, the company said in a release.    

Kunal Shah, founder, of CRED said, “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. Look forward to working and sharing learnings with the Kuvera team in our mutual intent to enable financial progress.”   

Gaurav Rastogi, founder, of Kuvera said, "Through our engagement with CRED we realized that our core values of transparency, user value, and simplicity align beautifully with each other. 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."