Hyderabad-based investment advisory and technology platform Savart (Svobodha Infinity Pvt. Ltd.) today announced it has raised $549,000 (about Rs 4.09 crore) in a funding round led by BEENEXT, a Singapore-based founder-first venture capital firm, Yatra Angel Network (YAN), and Jupiter neobank founder Jitendra Gupta.
According to a statement, BEENEXT has invested Rs 3 crore into Savart, while YAN invested Rs 84 lakhs and Jitendra Gupta Rs 25 lakhs, respectively.
Prior to this, Savart had raised funds from top domestic investors such as Ajay Batra, (Executive Vice-President of Venture Fastrack), Wadhwani Foundation, and Narayan Shadagopan, who between them have funded and mentored numerous startups in various industries.
Founded in 2017 by Sankarsh Chanda, Savart leverages artificial intelligence & machine learning technology to help investors make smart investment decisions in India and abroad. The latest funding will help the startup to develop its AI-based investment-research algorithm Vantage, fuel expansion into Canada, grow its client base, and general corporate purposes.
“We are excited to join hands with BEENEXT and YAN in our endeavor to redefine the investor experience,” said Hiten Chandaria, CEO – Savart.
“This funding is a big milestone in our journey to being a leading institutional wealth manager. It will strengthen our business and accelerate the deployment of our products, allowing us to create a larger impact on the vast Indian demographic that we cater to. For our users, this means more personalization, better choices, and an improved investor experience in the future,” he adds.
Speaking on the investment, Hero Choudhary, Managing Partner – BEENEXT, said:
“We are excited to partner with Sankarsh and team as they work to make investments smarter and help people create long-term wealth. The time is ripe for technological innovations across financial services. We are confident that Savart will help bring in financial inclusivity across markets through its innovative products.”