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CashRich Acquires WealthApp Mutual Fund Distribution Business

CashRich’s user base will reach around 200,000. WealthApp’s asset under management (AUM) has been merged with the existing AUM at CashRich.

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CashRich a prominent wealth-tech firm announces the acquisition of WealthApp mutual fund distribution business in an all-cash deal.

Though the acquisition amount is undisclosed, this deal is expected to strengthen CashRich’s position as a prominent investment app in India. The company had raised equity funding from existing three UK-based investors to finance this acquisition.

After the acquisition, CashRich’s user base will reach around 200,000. WealthApp’s asset under management (AUM) has been merged with the existing AUM at CashRich.

Sougata Basu, Founder, CashRich said, “We are pleased to welcome and onboard all WealthApp users and will provide them the best possible service. We are continuously improving our technology to help our users build and preserve their long-term wealth.” He further added, “The fintech ecosystem in India is thriving because of the collaborative efforts of several stakeholders. We are grateful to our industry partners for their help in ensuring a smooth transition for WealthApp users, and would particularly like to thank Mr. Ashish Chauhan, CEO, BSE, and Ms. Praveena Rai, COO, NPCI for their support.”

Its Mutual Fund processing is done using the BSE STAR MF platform and SIP mandates are via NPCI's NACH platform. They have both helped in the technical integration process during this M&A.

CashRich is a simple and powerful app where individuals can invest in mutual funds and buy insurance products easily. Its unique approach of Dynamic SIP helps retail investors to automatically build wealth during volatile markets. It is notable that all users of CashRich completely avoided the small-cap crash of 2018 and the Franklin Templeton debt fund debacle in 2020 due to the company’s risk management strategies applied across the platform.

“Our mission at CashRich is to revolutionize investment experience through top-notch technology and personalized investor care. We are exploring more such partnerships with other mutual fund distributors," said Hiren Dharamshi, MD, CashRich.

CashRich is planning to expand in other financial products and increase distribution via partnerships. The company will explore more acquisition opportunities and has invited individual distributors as well as firms who are in the mutual fund business to get in touch to explore opportunities for collaboration.

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