WealthTech startup Savart raises $1.5 million funding led by 9Unicorns
New Delhi: Savart, a tech-based investment advisory, has announced that it has raised around $1.5 million in a pre-Series A funding round led by 9Unicorns and Venture Catalysts’ Angel Fund.
Other investors participating in the ride included existing investor Beenext Asia Fund and several other angel investors.
The Hyderabad-based start-up aims to simplify investing in stocks and mutual funds following a psychometric analysis.
The fresh funds would help Savart double down on its marketing efforts, ramp up the product suite expansion and expand its global reach on the diverse network of the 9Unicorns & VCATS family.
Founded by Sankarsh Chanda at the age of 18 after dropping out of college, this wealth-tech company helps users create long-term out-performance with their mutual fund and stock investments using its proprietary research system – APART (Advanced Process Automation & Research Technology). APART has helped create over 26% CAGR on average for its investors since September 2019, compared to 16% of NIFTY during the same period.
Savart’s AI-based system APART crafts customized portfolios for investors based on their temperament and needs, using EFG (Emotional, Financial & General) Analysis that uses behavioural analytics to tailor investment, including strategy, intra-asset allocation, inter-asset allocation &securities.
On the funding, Sankarsh said, “We are pleased to receive the investment from 9Unicorns, VCATS, our existing investors and angels. We are glad to have the faith of investors who believe that Savart’s journey to becoming India’s largest investment advisor is just one step in our journey to be the world’s largest & impactful asset management business.”“We are delighted to back this very young and dynamic entrepreneur trying to make investing easier and simplified with pioneering technology that precedes most robo-advisories in India,” said 9unicorns
Savart is looking to take its APART technology global. The company is also betting on local languages and expects its platform to be present in five languages, including English, Hindi, Telugu, and Gujarati, over the next five months.
The company is looking to grow its assets under advisory (AUM) to USD 1 Billion by the end of 2023 through its online and offline play this year.