Nuvama Wealth, formerly known as Edelweiss Personal, has acquired 74 per cent equity in Pickright Technologies, a wealthtech start-up. The acquisition will provide an exit to existing investors, including Mumbai Angels Network, JITO Angel Network, and 100x.VC. The remaining stakes will be held by Pickright's founders.
The acquisition will enable Nuvama to tap into Pickright's platform, particularly its user interface and user experience capabilities. Pickright will continue to operate independently after the acquisition. The acquisition comes two years after Pickright secured $200,000 in a seed funding round led by JITO Angel Network.
Pickright was founded by Archana Elapavuluri and Namandeep Bhatia in 2019. The Bengaluru-based company connects individual investors with advisors across all asset classes. It is a SEBI-registered investment advisor, connects individual investors with advisors across all asset classes. It also offers "Investpacks" that help investors create customised investment portfolios based on their financial goals and risk appetite.
“It has been observed that the wealth management industry is focused on transaction-based investment services. We realized that there is a huge need for financial advisory across the affluent segments. And that’s the primary reason why we acquired a majority stake in Pickright, which offers smart advisory services,” said Rahul Jain, president and head of Nuvama in a media statement.