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Bangalore-based Kuvera.in, an online platform for mutual fund investments, has raised $4.5 million in a Series A funding from Fintech Strategic Investments team of Eight Roads, the investment arm of Fidelity International, reported LiveMint.

The startup will use the first round of funding to build its team and expand its product portfolio. Kuvera had earlier raised $2,50,000 in angel round, in March last year.

Founded in 2016, by Gaurav Rastogi (IIT Delhi) and Neelabh Sanyal (IIM Bangalore), Kuvera.in is an online data driven investment and financial planning platform that offers zero-fee mutual fund investment platform which provides an option to set investment goals.

Kuvera is increasing its use of artificial intelligence (AI) to help customers secure better returns and enhance its product and service range to reduce the costs.

Speaking on fundraise, Gaurav Rastogi, chief executive of Kuvera, said, “With Eight Roads as an investor, we will continue to innovate and expand our advisory offering across financial products. We have an exciting line-up of product releases for this year and are looking to expand our team to build these out even faster.”

Fidelity, which is making such strategic investments from its balance sheet, had set up a global team too look for investment opportunities in the fintech space across India, China, the UK, Singapore, and Hong Kong to add strategic value to Fidelity’s global operations in investment management.

Eight Roads has recently invested in Moneybox, a saving and investment platform in the UK. In 2016, the venture fund had invested $25 million in IFMR Capital, a Chennai based micro-finabce company providing capital market access to financial institutions serving the bottom of the pyramid.

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Formerly known as Fidelity Growth Partners, Eight Roads’s India investment portfolio include online medicine delivery firm PharmEasy, non-banking lender Northern Arc Capital, logistics startup Shadowfax, and ed-tech startup Toppr. Eight Roads Ventures has offices in China, India, Japan and the UK.

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