CashRich acquires WealthApp’s mutual fund distribution biz
March 16, 2021
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CashRich will now have a two-lakh-strong user base; company plans to expand into other financial products, increase distribution via partnerships
Wealth-tech firm CashRich has acquired WealthApp’s mutual fund distribution business in an all-cash deal for which it raised funding from three UK-based investors. The financial terms of the deal were not disclosed.
This deal is expected to strengthen CashRich’s position as a prominent investment app in India. Following the acquisition, CashRich’s user base will double to about two lakh, the company said in a statement.
“We are continuously improving our technology to help our users build and preserve their long-term wealth. The fintech ecosystem in India is thriving because of the collaborative efforts of several stakeholders,” Sougata Basu, Founder at CashRich, said.