CUBE WEALTH RAISES ₹14 CR IN SERIES A FUNDING

MUMBAI : Financial planning start-up Cube Wealth has raised ₹14 crore (about $2 million) in a Series A round, the company’s founder and CEO Satyen Kothari said.

The investors that participated include Singapore-based venture fund Beenext, Japanbased Asuka Holding and 500 Startups, a Us-based early stage venture fund, Kothari said over the phone. Cube Wealth helps manage investment portfolios and provides investment advice from registered advisers.

The funds will be used to grow sales in its top cities— Mumbai, Delhi-ncr, Bengaluru, Hyderabad, Chennai, Kolkata and Pune—and expand to Europe and Japan, targeting non-resident Indians. Kothari said Cube Wealth hopes to becomes profitable by the time it goes for a Series B fundraise, roughly 18 months from now.

Cube Wealth helps users plan their finances, with a target to save more. It works on a subscription model, where a user pays an investment adviser, from whom Cube collects a commission. It has Securities and Exchange Board of India and Reserve Bank of India registered advisers who usually advise high net worth individuals, and provides international investment options in mutual funds as well.