A first for the multi-national retail company, its wholly owned subsidiary Amazon Pay has partnered with homegrown investment advisory services startup Kuvera to offer wealth management services to its 50 million Indian customers.
Amazon Pay has established its place in payments and credits business in India. This move comes right after Google Pay declared offering fixed deposits to its Indian customers.
The big moves by the two global giants is a hint towards a changing landscape in the Indian financial services space which is attracting the best. The size of this market is 1.4 billion population.
Amazon Pay envisions to simplify lives and fulfil aspirations by solving payment and financial needs of customers, Director Vikas Bansal told TOI. He believes that Kuvera can help with its unique offering to help the engaged customers with their wealth and investment needs.
Kuvera is an investment adviser that provides online personal financial services. Started in 2017, the SEBI-registered firm is owned by Arevuk Advisory Services. Kuvera has been one of the first tech-enabled platforms to provide customer goal-based, direct plan mutual fund investing in India.
The platform has been used by more than a million customers with over Rs 28,000 crore of combined assets.
Gaurav Rastogi, Founder & CEO of Kuvera directed that once a user logs into Amazon Pay and clicks on the wealth management icon on screen, the process would be redirected to Kuvera’s platform.
However, all the steps would conducted within the Amazon Pay app. Starting with facilitating investments into mutual funds and FDs, other products would be added with time, Rastogi told TOI.
It is the first and only wealth management tie-up for Amazon in the world. Alokik Advani, managing partner at Fidelity International Strategic Ventures, one of the investors in Kuvera, told TOI that while Amazon Pay will distribute the services of Kuvera, the Indian start up’s platform will manage people’s money.