Indian wealthtech firm CashRich has reportedly acquired the WealthApp’s mutual fund distribution business in an all-cash deal.

The deal, whose financial details have not been shared, was financed by CashRich through an equity funding from three UK-based investors.

The purchase will increase the wealthtech’s user base to around 200,000.

As part of the deal, WealthApp’s AuM has been combined with CashRich’s current AuM.

CashRich founder Sougata Basu said: “We are pleased to welcome and onboard all WealthApp users and will provide them with the best possible service. We are continuously improving our technology to help our users build and preserve their long-term wealth.”

CashRich app allows individuals to invest in mutual funds and to purchase insurance products. It is said to employ a dynamic systematic investment plan (SIP) that enables retail investors to automatically build wealth amid volatile markets.

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The firm carries out its mutual fund processing using the BSE Star MF platform and SIP mandates via the National Payment Corporation of India’s NACH platform.

CashRich Hiren Dharamshi said: “Our mission at CashRich is to revolutionise investment experience through top-notch technology and personalised investor care. We are exploring more such partnerships with other mutual fund distributors.”

Meanwhile, CashRich is seeking to expand its offerings and distribution through partnership. The company said it will also explore more acquisition opportunities to fuel the growth.

Last December, Indian digital wealth management platform Scripbox made a strategic investment in investment adviser Mitraz Financial.