Financial planning start-up Cube Wealth has raised about $2 million in a Series A round of funding.
Singapore-based venture fund Beenext, Japan-based Asuka Holding and 500 Startups, participated in the round.
Cube Wealth helps manage investment portfolios and provides investment advice from registered advisers.
The new injection of funds will be used to grow sales in its top cities—Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune—and expand to Europe and Japan, targeting non-resident Indians.
It works on a subscription model, where a user pays an investment adviser, from whom Cube collects a commission. It has Securities and Exchange Board of India and Reserve Bank of India registered advisers who usually advise high net worth individuals, and provides international investment options in mutual funds as well.
Cube Wealth hopes to becomes profitable by the time it goes for a Series B fundraise, roughly 18 months from now.
The start-up currently employs 15 people, mostly engineers, and will look to hire more in the next year, although it targets at keeping the employee count below 50.
Cube Wealth CEO Satyen Kothari is also the co-founder of payment gateway Citrus Pay, which was acquired by PayU in 2016 for $130 million. He has previously founded marketing automation firm Trapezo and e-commerce firm Lotus White, among others.