CASHe, an AI-driven credit-led wellness platform, made its debut in wealth management with the all-cash acquisition of Sqrrl, a Gurgaon-based wealthtech platform.
The acquisition comes after CASHe’s Singapore-based holding company, TSLC Pte Ltd, raised Rs. 140 crores in equity capital. The transaction will be financed primarily with excess capital, demonstrating the company’s excellent financial condition.
According to the firm, CASHe has continually developed new product offerings in response to increased consumer needs over the past year and has entered the lucrative millennial and GenZ-focused WealthTech space.
“The strategic buy-out broadens CASHe’s millennial-focused credit-led product and services suite to now cover their investment and wealth management needs as well. The acquisition further accelerates the company’s strategic vision 3.0 of building a full-stack wellness platform for this cohort of the population. Over 20 million users of CASHe can now access a digitally enabled, mobile-first, byte-sized investing platform that will help them kick-start their investment journey with as little as ₹100,” the company said.
V. Raman Kumar, founder chairman, CASHe, said, “The acquisition of Sqrrl is an important milestone for CASHe’s vision 3.0 roadmap as it sets the stage for the next phase of our growth through our foray into the WealthTech space. By integrating CASHe’s millennial-focused credit-led services with the digital-first wealth and investment management offerings of Sqrrl, we aim to seamlessly fulfill the diverse credit and investment needs of the new-age Indian by offering multi-product access and next-gen financial wellness solutions. With CASHe’s product offerings accessible to over 20 million users in the country and growing rapidly, this acquisition will aid in extending our reach to the next billion young Indians by offering them an all-new byte-sized investing ecosystem covering a much larger geographical footprint.”
Samant Sikka, the co-founder of Sqrrl, said, “This move will help the business scale up further by offering Sqrrl’s investment products to CASHe’s massive customer base with just a few clicks. We will continue to focus on our strategy centred around stable and sustainable growth in the wealth management business with the largest footprint of customers and thereby creating a true one-of-a-kind company.”
With over 20 million users and one million new users every month, CASHe is one of India’s fastest-growing credit-based wellness platforms. The strategic purchase would effectively harness the combined synergies of both platforms to establish a completely embedded industry-first lendtech, investtech, and insuretech platform for digitally native Indians. The co-founders of Sqrrl will continue to lead CASHe’s wealth management business following the acquisition.