Orowealth- a direct mutual fund platform startup has acquired WealthTrust- a Mumbai based wealth management app for an undisclosed amount.

Orowealth, founded in 2016 by Nitin Agarwal, Yogesh Powar and Vijay Kuppa, offers zero commission products and provides financial advice to retail investors, for their investment needs. It raised 1.6 million dollars in a series A funding round led by Powerhouse Ventures (US based venture capital firm).

Vijay Kuppa, cofounder of Orowealth, said, “As a direct mutual fund investment platform, we are always seeking opportunities to strategically grow our business. We are very pleased to have the opportunity to service WealthTrust customers and will offer them the same industry-leading advisory and wealth management services that we provide to our own users.”

A small part of the startup’s group is expected to join OroWealth, facilitating easier transition. The user base of these two companies stand at 300 thousand users currently along with $283 million assets under management.  The WealthTrust app will remain active till the 8th of May 2019.

WealthTrust was founded by Nisarg Gandhi and Jasmin Gohil in September 2015. A product introduced by its parent company, i.e. Evolusolve Technologies, known as Wealthee was rebranded under the WeathTrust application in 2016. This added the zero commission mutual fund offerings as its key feature.

WealthTrust revealed in a blog post, “We evaluated several partners before joining forces with OroWealth, and we’re confident that this partnership will prove to be hugely beneficial to all our users.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence