WealthTech platform Nivesh has been acquired by Wealthzi, a wealth management platform run by Lime Internet Private Limited.
Nivesh was established back in 2016 by Anurag Garg and Sridhar Srinivasan, wherein, it strives to improve customer outcomes through AI-powered technologies and assistance. It has 60,000 clients spread over 6,000 Indian post codes and is backed by IAN Fund, LetsVenture, and key industry experts such as Basab Pradhan, Rahul Gupta, and Dipak Gupta.
Wealthzi, formed in 2020 by PV Sahad and Pradeep Pillai, has more than 20 years of experience managing assets for HNIs, UHNIs, and family offices. It currently manages more than Rs. 500 crore of assets across mutual funds, PMS, AIFs, bonds, and other asset classes. It just got an RIA license from SEBI to expand its operations and provide advisory services.
This deal allows Wealthzi to use Nivesh's technology platform to improve user experience and expand its business. Both companies will profit from product, development, and operational synergies. The combined business will now have an AUM of Rs. 2,500 crore, with the goal of reaching Rs. 10,000 crore in assets over the following three years.
According to Wealthzi, merging its direct-to-consumer wealth service with Nivesh's distribution network will result in a strong wealth alliance to serve India's fast expanding investor population.
