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Wealthtech startup Centricity raises $20 million in round led by Lightspeed India Partners

Economic TimesEconomic Times · 10m ago
Wealthtech startup Centricity raises $20 million in round led by Lightspeed India Partners
Medial

Gurugram-based wealthtech startup Centricity has raised $20 million in seed funding, led by Lightspeed India Partners. The company, now valued at $125 million, plans to use the funds to scale its platforms, invest in technology and talent, expand private banking services, and pursue strategic acquisitions. Centricity provides a financial services platform for independent financial advisors, external asset managers, and single-family offices to manage investment portfolios. The company also offers digital transactional capabilities and aims to build India's largest financial distribution company. Centricity currently has over 4,500 financial distributors and manages assets worth Rs 4,500 crore with 92 UHNI families.

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Centricity, Trisu, GameEon and Dharaksha raise early-stage funding

VCCircleVCCircle · 10m ago
Centricity, Trisu, GameEon and Dharaksha raise early-stage funding
Medial

Wealthtech management company Centricity raised $20 million in a seed funding round led by Lightspeed, bringing its valuation to $125 million. The funding will be used to expand operations and double the tech development team. Biotech-driven R&D startup Dharaksha Ecosolutions secured $3 million in a seed funding round led by Avaana Capital to expand production capabilities and strengthen its presence in the sustainable packaging industry. Mumbai-based game development studio GameEon Studios raised $1 million to develop new games for PC and consoles. Vermeil jewelry brand Trisu raised an undisclosed amount in its pre-seed funding round to enhance customer acquisition and drive product innovation.

Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round

EntrackrEntrackr · 12m ago
Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round
Medial

Wealthtech startup Stable Money has raised over Rs 123 crore nearly $15 million in a new round from RTP Capital, Lightspeed India, and Matrix Partner. The Bengaluru-based company has become one of the few startups to close two rounds within a year, especially during the so called funding winter. The board at Stable Money has passed a special resolution to issue 77,135 CCPS at price of Rs 16,019 each to raise Rs 123.56 crore or $14.74 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. RTP Capital led the round with Rs 54.26 crore ($6.5 million) while Lightspeed India and Matrix Partners India pumped in Rs 34.64 crore ($4.15 million) each in this round. In August 2023, Stable Money scooped up $5 million in its first equity fundraise led by Matrix Partners and Lightspeed. Titan Capital, Mar Shot Ventures and a clutch of prominent angel investors also participated in the round. As per startup data intelligence platform TheKredible, Stable Money will be valued at around $60 million post money. This is nearly four fold jump in valuation from $16.5 million in the last round. Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is building a fixed-return investment platform to provide financial consultation services to investors. The platform will also publish financial literacy content on its online platform to create awareness among investors. A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. Recently Deserv raked in $32 million in its Series B round led by Premji Invest. In May, wealth management platform Wealthy raised $5.4 million in a new round led by Alpha Wave Incubation Fund.

Stable Money to raise $20 Mn led by Fundamentum with 2.3X valuation jump

EntrackrEntrackr · 1m ago
Stable Money to raise $20 Mn led by Fundamentum with 2.3X valuation jump
Medial

Wealthtech startup Stable Money is raising Rs 173 crore (around $20 million) in a funding round led by The Fundamentum Partnership Fund, with participation from existing investors Matrix Partners, RTP Global, and Lightspeed India. The board at Stable Money has issued 10 equity and 51,914 Series B preference shares at an issue price of Rs 33,345 each to raise Rs 173 crore or $20 million, its regulatory filings accessed from the Registrar of Companies (RoC) show. The Fundamentum Partnership Fund will lead the round with an investment of Rs 86.5 crore ($10 million). Existing investors will also join in, including RTP Global with Rs 33.78 crore, Matrix Partners with Rs 45.42 crore, Lightspeed India with Rs 4.32 crore, and Naman Finance with Rs 3 crore. Stable Money plans to use the funds for capital expenditure, marketing, and general corporate purposes. Entrackr estimates that the company’s valuation will reach approximately $130 million following the allotment. This is a 2.3X valuation surge when compared to its last $15 million Series A round. After the allotment of this round, The Fundamentum Partnership Fund will hold a 7.94% stake in Stable Money. Matrix will hold 18.97%, RTP Global 13.45%, Lightspeed India 15.20%, and Naman Finance 0.28%. Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money operates in the wealthtech space, focusing on simplifying fixed-income investing for retail customers. It provides a digital platform where users can compare, invest in, and manage fixed-income products, particularly bank fixed deposits (FDs), offered by multiple banks. The company has not yet filed its financial results for FY25. For the fiscal year ended March 2024, it remained in the pre-revenue stage, reporting an operating income of Rs 35.3 lakh and a net loss of Rs 12.29 crore.

Smallcase raises $50 Mn in Series D led by Elev8

EntrackrEntrackr · 3m ago
Smallcase raises $50 Mn in Series D led by Elev8
Medial

Smallcase raises $50 Mn in Series D led by Elev8 Wealthtech startup Smallcase has raised $50 million in its Series D round led by Elev8 Venture Partners, a $200 million growth-stage fund focused on high-potential Indian startups. The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The capital will be used to expand Smallcase’s investment product offerings across asset classes and strengthen its relationships with retail investors and ecosystem partners, Smallcase said in a press release. The new round is coming after a gap of more than 3.5 years. Smallcase has raised around $120 million to date, including $40 million in a Series C round led by Faering Capital in August 2021. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, followed by Faering Capital and Blume Ventures. Launched in 2016, Smallcase offers a model portfolio platform that has served over 10 million investors. It also provides technology solutions to more than 250 financial institutions, including research firms, advisors, wealth managers, and brokerages. The platform recently expanded its offerings through a joint venture with Zerodha to launch an asset management company focused on index funds and ETFs. Smallcase's revenue from operations surged to Rs 67.4 crore in FY24 from Rs 30.6 crore in FY23. A drop in advertising and employee benefits enabled the company to reduce its losses by 74.4% to Rs 34 crore in the last fiscal year. According to TheKredible, Indian wealthtech startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, InvestorAi, and Wealthy have garnered nearly $250 million in funding across 15 deals in the past 18 months. Elev8 Venture Partners, backed by South Korea’s KB Investment, focuses on B2B SaaS, enterprise tech, consumer tech, and fintech. This is its third investment after supporting identity verification platform IDfy and astrotech platform Astrotalk.

Stable Money raises $20 Mn led by Fundamentum

EntrackrEntrackr · 1m ago
Stable Money raises $20 Mn led by Fundamentum
Medial

Bengaluru-based wealthtech platform Stable Money has raised $20 million (Rs 173 crore) in a funding round led by Fundamentum Partnership and participation from existing investors Z47, RTP Global, and Lightspeed. Aditya Birla Ventures also joined the round. The company had previously raised $20 million across Series A and Seed rounds. The proceeds will be used to expand its product suite, onboard new banking partners, and scale distribution. The company aims to add at least eight more banks and NBFCs in 2025. Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money enables users to invest in fixed-return products like fixed deposits (FDs), recurring deposits, secured credit cards, and bonds. It currently partners with eight banks and two NBFCs, including IndusInd Bank, South Indian Bank, Slice SFB, Ujjivan SFB, Unity SFB, and Suryoday SFB. The platform has over 150,000 users and more than Rs 3,000 crore in assets under management. For the fiscal year ended March 2024, it reported an operating income of Rs 35.3 lakh and a net loss of Rs 12.29 crore.

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