Savart, a wealth advisory startup, has raised $1.5 Million in pre-Series B funding led by Venture Catalysts Angel Fund and 9Unicorns. The round also included existing investor Beenext Asia Fund as well as a number of angels.
Savart stated that the proceeds would be used for marketing, product development, and expansion into new markets.
Savart uses psychometric analysis to help investors simplify mutual fund and stock investment. It can create customised portfolios for investors according to their personality and needs.
According to the company’s website it has 100K clients in 20 countries and Rs 800 million assets under advisory. Subscribers pay a flat Rs 5,000 fee for portfolio building and advisory services. The company raised $549K, or about Rs 4.09 crore, in November 2013 through its first funding round, which was led by Yatra Angel Network, Beenext and Jitendra Gopta.
Hyderabad-based startup, AUA, aims to increase its asset under advisory (AUA), to $1 billion by 2023. It will do this through both its online and offline activities in 2019. The company is competing with Wealthfront, Smallcase and others.