Over the last five years, the world has seen some significant advancements in how technology has influenced our daily lives. From conversational interfaces like Amazon Echo or Google Home to self-driven cars, there is now a tremendous amount of tech evolutions that have rapidly modified the way we do traditional activities.
One such example is the introduction of large-scale adoption of investment applications. These apps have helped the average trader avoid the hassle of being physically present with a broking agency or having to invest separately across multiple asset management company websites. The apps offer the user all funds and investment opportunities under one roof, revolutionizing the way we invest.
Kuvera is one such investment app that commands a great share of the Indian online investment market today. In this article, we take a look at the Kuvera app – what it’s about, how it’s used, and how does it compare with other apps that operate in this space?
What is Kuvera App?
Launched in October 2017 and headquartered in Bengaluru, Kuvera is an investment app that acts as a platform for mutual funds, stocks, and gold. Kuvera is only available as an app and supports 38 out of the 44 registered asset management companies. The app has managed to sign on 500k+ users in the last three years, managing assets worth Rs 8000 crores.
Positioning themselves as an AI-led platform, Kuvera says its target market is the affluent and mature investors (above the age of 30), hailing from the top metros in the country.
With over 100k+ downloads on the Google Play Store, the Kuvera app comes with plenty of features, pros, and cons. In this section, we take a look at the review of this app, discussing some key parameters.
Is Kuvera a scam?
While there are concerns around the general legitimacy of anything that moves away from the traditional way of working, the Kuvera app is not a scam. The app merely serves as a platform between mutual fund companies and users and does not collect, retain, or transact user’s money on the app.
Is Kuvera Safe to use?
Yes, the Kuvera app is safe to use, given that it is registered with SEBI, further adding to its legitimacy. User information is encrypted on the Kuvera app, which also has session time-outs, firewalls, and PIN unlock to safeguard the user account.
Users can reach out to the Kuvera customer care team by writing to them either through the app by clicking on the “?” symbol or by writing to them directly on firstname.lastname@example.org.
There is, however, no customer care number for users to contact a support executive regarding any issues.
Charges & Fees
The Kuvera app is free and does not charge users any fee on their direct plans, regardless of asset size, and only charges the transaction charges as per the cost levied by asset management companies. The app also offers value-added services for which users can be charged as per the purchase.
Complaints on the Kuvera app are addressed by writing to the Kuvera support team via email, as mentioned above. The customer care team has a turnaround time of 24 hours to revert to any user complaints raised.
Kuvera vs. Others
The online investment platform space has numerous apps competing across the same user base. The Kuvera app has the highest rating on the Google Play Store (4.7) when compared to its competitors in the market.
Kuvera vs. Zerodha: Despite having a much better rating, the Kuvera app also comes with a host of additional features compared to Zerodha. These features include goal setting where users can set targets they wish to achieve through their investment, monitor external investments, and secure access to the app. This gives Kuvera the edge over Zerodha.
Kuvera vs. FundsIndia: The difference between Kuvera and FundsIndia lies in the product that they each offer. Kuvera offers users direct investment plans while FundsIndia offers regular investment plans. While both these platforms are free, FundsIndia generates revenues from asset management companies, whereas Kuvera makes money by charging users on additional value-added services.
Thus, a user is likely to see better returns while investing in direct plans (Kuvera). The users, however, get an advisor on FundsIndia, who handles the funds and is recommended for users who do not have the time to monitor their investments.
Kuvera vs. Goalwise: Goalwise and Kuvera are two of the top-rated players in the online investment platform domain. Goalwise, however, offers a better set of features, including free tax gain harvesting (paid feature on Kuvera) and end-to-end goal-based investing (only at the start on Kuvera). This gives Goalwise the advantage over Kuvera.
Kuvera vs. Scripbox: Similar to FundsIndia, Scripbox also offers regular investment plans to be done through advisors provided by Scripbox. Kuvera offers better returns and shorter turnaround time for user actions. Scripbox is better suited for those who need constant guidance or do not have the time to monitor their investments.
Kuvera vs. Paytm Money: Both apps have a rich set of features to suit different users. While Paytm Money is more graphical and offers better information on funds and stocks a user wishes to track, Kuvera’s goal-based investment, tax harvesting, and TradeSmart features are superior to Paytm and offer better value to users.
How to use Kuvera App?
The Kuvera app has a simple user interface, which is easy for new users to understand. Broadly, the Kuvera app experience can be kicked off via the following steps:
- Profile setup: Setup your KYC by providing the details required – PAN, date of birth, mobile number, etc.
- Select investment: Choose between mutual funds, equity stocks, and gold to kick start your investment journey.
- Choose the type of investment: Select between SIP and one-time investment and place your order. You can choose to pay through different types of payment modes (net banking, UPI, etc.)
- Additional features: You can set goals or check any other features mentioned above by clicking on the option in the same window.
Once your investments are complete, you can track, change, or comprehend your investments through the app.
The bottom line
The Kuvera app is, by far, one of the most feature-rich apps currently available in the market. It fairs better compared to most apps and makes your life easy by providing all the functionalities you need at your fingertips. So what are you waiting for? Start investing now using the Kuvera app.