Mumbai headquartered Cube Consumer Services Pvt. Ltd that runs and owns, Cube Wealth, a finance and investment planning app, has raised ₹14 crore (~ $2 million) in a Series A round from Singapore-based venture fund Beenext, Japan-based Asuka Holding and 500 Startups, a US-based early stage venture fund.
The freshly raised funds will be used by the startup to grow sales in its top cities — Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune—and expand to Europe and Japan, targeting non-resident Indians.
Cube was founded in 2016 by serial entrepreneur Satyen V Kothari, who is also the co-founder of payment gateway Citrus Pay, which was acquired by PayU in 2016 for $130 million. He has previously founded marketing automation firm Trapezo and e-commerce firm Lotus White, among others.
Initially started as a niche bill payments and expense service, Cube Wealth helps manage investment portfolios and provides investment advice from SEBI-registered advisors. The app offers members wealth creation, automated savings, and expense management.
Acording to Kothari, Cube Wealth is aiming to becomes profitable by the time it goes for a Series B fundraise, that is roughly 18 months from now.
“We are targeting the upper middle class segment of users who have an income of ₹10 lakh per annum and above and want to make financial planning easy and jargon-free,” said Kothari, in a statement given to LiveMint.com.
The startup currently employs 15 people, mostly engineers, and will look to hire more in the next year, although it targets at keeping the employee count below 50. The Cube team comes with a background in digital payments, personal finance, and design. They have worked with market giants like Apple, Frogdesign, Yahoo!, Intuit, Citrus Pay, American Express, HSBC Bank, Disney, Zynga and First Data to hone our skills for Cube.
The Cube team has previously released a mobile app for bill payments called, ‘Cube Bills’, that has garnered over 2.5 million downloads and exceptional ratings in the App Store and Google Play store.
Source – LiveMint