PAG-Backed Nuvama Wealth Buys Wealthtech Startup Pickright

PAG-Backed Nuvama Wealth Buys Wealthtech Startup Pickright
Listed wealth management firm Nuvama Wealth, which was earlier known as Edelweiss Personal, has reportedly bought a 74% equity in wealthtech startup Pickright Technologies.
The acquisition will provide an exit to Pickright’s existing investors–Mumbai Angels Network, JITO Angel Network and 100x.VC. Meanwhile, the remaining stakes will be held by founders, as per a report.
Further, the acquisition will assist Nuvama tap into Pickright’s platform particularly user interface and user experience capabilities. Post the acquisition, Pickright will continue operating independently.
The development comes about two years after Pickright invested $200K in a seed funding round led by JITO Angel Network. 
Founded in 2019 by Archana Elapavuluri and Namandeep Bhatia, Bengaluru-based Pickright connects individual investors with advisors across all asset classes. It also provides ‘Investpacks’ that help investors create customised investment portfolios based on their financial goals and risk appetite.
Under its ‘Investpacks’, the startup enables investors to put capital into stocks, exchange-traded funds (ETFs), mutual funds, gold and fixed deposits.
“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,” stated Rahul Jain, president and head of Nuvama.
Pickright, which is a SEBI-registered investment advisor, claims to have provided services to more than 100K users and have managed assets worth INR 50 Cr. It also asserted that it has a headcount of about 17 employees.
The startup counts angel investors–Vikrant Yadav, Gaurav Gupta, Vikram Pandya, Madhavi Bollipalli, Vivek Srivatsav and Srinivas Paanem as its backers.
In India, it competes with the likes of Scripbox, ETMoney, Groww, Wealthy and IndMoney. 
According to a report, the Indian wealthtech industry was valued at $20 Bn in the financial year 2020 (FY20). The industry is projected to grow by 3X to reach around $63 Bn by the financial year 2025 (FY25).
Meanwhile, as per Inc42 fintech report, domestic fintech startups invested more than $24 Bn from investors between 2014 and Q4 2022. The country’s fintech space is anticipated to cross the $2.1 Tn mark by 2030, growing at a CAGR of 18% during 2022-30.