NEW DELHI: Credit Card bill payment leader CRED on Tuesday announced the acquisition of the online wealth management platform Kuvera in an effort to take on the likes of Zerodha and Groww.
However, the total acquisition cost has not been disclosed by the startup.
"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," Gaurav Rastogi, Founder, Kuvera, said in a statement.
The reports to acquire Kuvera initially surfaced last year in October.
As per the company, post-acquisition, Kuvera founders, team and product will continue to operate independently while working closely with CRED leadership to scale its network, ecosystem, brand and distribution.
Kuvera customers' account, portfolio and all ongoing investments will continue seamlessly even as they stand to benefit from the combined expertise, synergies and resources of Kuvera and CRED.
"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," said Kunal Shah, Founder, CRED.
With this agreement on terms, the transaction -- a mix of cash and stock -- will proceed towards closure, the company said.
Kuvera is a top-five direct mutual fund platform with a three lakh+ user community tracking more than Rs 50,000 crore in assets.