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Aya Lin · · 1 min readIn brief: Eight Roads arm invests $4.5m in Indian mutual fund platform
- The strategic fintech investment team of Eight Roads, the investment arm of Fidelity International, has made its first investment in India by investing US$4.5 million in tech-based wealth management startup Kuvera, according to a senior executive, reports LiveMint.
- The funding was part of Eight Road’s plan to search for and make strategic investments in fintech startups across India, China, the UK, Singapore, and Hong Kong through a new global team.
- Alokik Advani, who heads the fintech strategic investment team, said that they will focus on startups just moving on from their seed or angel stages.
- Kuvera, which claims to have about 100,000 users who manage roughly US$432 million in mutual fund assets, expects to grow its user base five-fold by 2020, according to its founder and CEO Gaurav Rastogi.
Editing by Charmaine de Lazo
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