Domestic mobile wallet major MobiKwik on Thursday announced its foray into India's wealth management market with the acquisition of Clearfunds, an online mutual fund investment platform based out of Mumbai, for an undisclosed amount.
MobiKwik said it would be investing $15 million (approximately Rs 112 crore) over the next year to scale up its wealth management business.
"MobiKwik users will now be able to start their investing journey with as little as Rs. 100," Upasana Taku, Co-Founder and Director, MobiKwik, said in a statement.
MobiKwik said its 107 million plus customers will soon be able to start saving in mutual funds seamlessly from their MobiKwik app in just a few clicks.
"This is the first-ever acquisition by MobiKwik as we look to build out our full-stack fintech platform and deliver more financial products to our 107 million plus customer base. We will continue to look at strategic investments or acquisitions that can add value to our business," Taku said.
Following the acquisition, Clearfunds Founder and CEO Kunal Bajaj will lead MobiKwik's wealth management business.
Founded in 2016, Clearfunds is a direct mutual fund investment platform that uses powerful data analytics and automated processes to deliver the best possible investment experience at the lowest possible cost.
The platform allows clients access to over 3,000 direct mutual fund schemes from 36 mutual fund companies.