Kotak’s premium investment platform Cherry eyes 1M customers

Kotak Mahindra Bank-arm Kotak Investment Advisors is eyeing to on-board 1 million customers on its premium investment offering app Kotak Cherry by March, having already enlisted 1.5 lakh customers since launch in June.Cherry is a curated tech-led investment management platform designed to offer a holistic investing solutions to users on a digital app.It offers investment solutions ranging from stocks, bonds, mutual funds, fixed deposits and national pension scheme to progressive investment opportunities like exchange traded funds, as a do-it-yourself (DIY) platform.”Since the launch in June, we already have 1.5 lakh active clients. We plan to grow the client base to 10 lakh by the end of FY23 as we are growing around 30 per cent month-on-month,” Srikanth Subramanian, the chief executive at Kotak Cherry, told PTI.On the volume on the app, he said July saw almost 5,000 transactions and the cumulative value of the transaction on the app has crossed Rs 100 crore since the launch with the average financial holding being around Rs 27 lakh per customer.