First for a multi-national retail company, its wholly owned subsidiary amazon pay Desi has partnered with Investment advisory services startup Kuvera To provide wealth management services to its 50 million Indian customers.
Amazon Pay has made its way into the payment and credit business in India. This step comes right after google pay Announced to offer Fixed Deposit to its Indian customers.
Big moves by two global giants point towards changing landscape in India financial Location of services that is attracting the best. The size of this market is 1.4 billion population.
Amazon Pay envisions making life simpler and meeting aspirations by solving the payment and financial needs of customers, Director Vikas Bansal told TOI. They believe that Kuvera with its unique offering can help connected clients with their property and investment needs.
Kuvera is an investment advisor that provides online personal financial services. Started in 2017, the SEBI-registered firm is owned by Arevook Advisory Services. Kuvera has been one of the first tech-enabled platforms in India to provide customer goal-based, direct plan mutual fund investments.
The platform has been used by over one million customers with combined assets of over Rs 28,000 crore.
Gaurav Rastogi, Founder and CEO, Kuvera directed that once a user logs into Amazon Pay and clicks on the wealth management icon on the screen, the process will redirect to Kuvera’s platform.
However, all the steps will be conducted within the Amazon Pay app. Rastogi told TOI that along with the investment facility in mutual funds and FDs, other products will be added over time.
This is the first and only wealth management tie-up for Amazon in the world. Alok Advani, Managing Partner fidelity to truth International Strategic Ventures, one of the investors in Kuvera, told TOI that while Amazon Pay will deliver Kuvera’s services, the Indian start up platform will manage people’s money.