India Digest: CRED to buy wealth management firm; OneVerse buys poker platform

India-based fintech unicorn CRED is buying Kuvera, while metaverse and gaming tech company OneVerse has acquired Spartan Poker.

CRED to acquire wealth management platform Kuvera

CRED is set to acquire online wealth management platform Kuvera. Post-acquisition, the Kuvera founders, team, and product will continue to operate independently while working closely with the CRED leadership to scale its network, ecosystem, brand, and distribution, according to a release.

Kuvera is a mutual fund platform that offers holistic asset tracking, advisory, risk-based asset exploration, family accounts, and diverse asset classes. According to Tracxn, the company was last valued at $124 million when it raised its Series B funding round in Sept 2021.

CRED, a members-only credit card management and bill payment platform, had finalised the acquisition of Sequoia Capital-backed wealth management company smallcase in 2022.

Its previous acquisitions include Happay, a corporate expense management platform, in a cash-and-stock deal to expand its fintech offerings; Chennai-based liquor purchase and delivery startup HipBar; and Parfait Finance & Investment.

OneVerse buys poker platform Spartan Poker

OneVerse has acquired India-based poker platform Spartan Poker, according to The Economic Times.

Over the next three months, OneVerse is also preparing to invest in M&As of about 13 real-money gaming companies focused on poker, rummy, and fantasy gaming, added the report.

Spartan Poker is a premium poker platform, with over 2.5 million registered players from all over the country since 2014.

The Indian gaming market is projected to reach $8.6 billion by 2027. Lumikai, an early-stage venture capital fund focused on gaming, in November last year, lowered the growth projections for India’s gaming industry in light of the government’s decision to levy a 28% tax on funds collected from online real money games.

Growth in RMG (Real Money Gaming) over the coming years is expected to be muted due to recent tax policies and industry consolidation. RMG revenue grew by $500 million in FY23 but is expected to face headwinds in the short to medium term.

Read More