Asheesh Chanda, Founder and CEO at Kristal AI
Kristal.AI, a private wealth management platform, has secured over US$10 million in its pre-series B round of investment.
The investors participating in the round are Chiratae Ventures, the Sanadhya family, Desai Family Office, Stride Ventures and unnamed high net-worth individuals (HNWIs), besides Kristal.AI founders.
This brings the startup’s total funding to more than US$27 million. This round is incremental to its US$6.3 million funding raised in March 2021.
Also Read: Kristal.AI expands to ESOP liquidity offerings
Kristal.AI will use the new capital for expansion into new markets and driving product and platform innovation.
Asheesh Chanda, Founder and CEO of Kristal.AI, said. “The mass affluent and emerging high-net-worth individual (HNWI) investor class in Asia continues to grow exponentially, with total financial assets in the continent set to hit US$68 trillion by 20251. This funding round will be crucial in helping us continue to innovate, digitalise, and tailor our solutions for current and prospective clients.”
Established in 2016, Kristal is a digital-first private wealth advisory and fund management group serving mass-affluent clients globally. It specialises in advising clients on highly personalised investment portfolios. It has investment product suites comprising over 200 premium funds, such as private equity/venture capital funds and structured notes.
The difficult-to-access products, such as pre-IPO deals, are also available.
Other offerings by the group include a discretionary mandate, a digital family office, a variable capital company, and robo-advisor portfolios.
Kristal.AI has over 180 employees across Singapore, Hong Kong, India and the UAE.
It operates in Singapore under a Capital Markets Services license regulated by the MAS. It is also licensed and operational in Hong Kong and India.
The firm claims it tripled its assets under management (AUM) to cross the US$1 billion mark in August 2022 and grew its user base year-on-year by over 50 per cent.
Also Read: Wealthech startup Kristal AI looks to democratise private banking
Alongside this funding announcement, Kristal.AI also announced its application for an ADGM license for expansion into the UAE. The license is subject to approval by the Financial Services Regulatory Authority (FSRA).
Gaurav Rustagi, Chief Growth Officer at Kristal.AI, commented. “The Middle East region has at least US$35 billion AUM and is home to a large population of mass affluent and HNWIs. Over the years, the UAE has steadily built its reputation as a wealth management hub bolstered by factors like an open economy, strict compliance and governance, progressive regulatory environment, a welcoming environment for businesses and an abundance of talent.”
—
Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.
The post Wealth management startup Kristal.AI nets US$10M funding, expanding into UAE appeared first on e27.