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Exclusive: Wealthy raises fresh capital from Alpha Wave

EntrackrEntrackr · 1y ago
Exclusive: Wealthy raises fresh capital from Alpha Wave
Medial

Wealth management platform Wealthy has raised Rs 45 crore ($5.4 million) in a new round led by Falcon Edge’s Alpha Wave Incubation Fund. This is the first round of investment for the Bengaluru-based company this year. The board at Wealthy has passed a special resolution to issue 47,222 compulsory convertible preference shares at an issue price of Rs 9,556 each to raise Rs 45 crore or $5.4 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Alpha Wave led the round with Rs 20.7 crore while Savrola Lakshmi LLC put in Rs 16.38 crore. Good Capital and other individual investors cumulatively participated with Rs 7.92 crore. According to the filings, Wealthy will use these proceeds for expansion and general working capital purposes. As per startup data intelligence platform TheKredible’s estimates, the company has been valued at around Rs 278 crore or $33.5 million post-money. Wealthy has raised over $16 million to date including $7.5 million Series A funding led by Alpha Wave in early 2022. It looks like an ongoing round and the company may raise more capital. Founded in 2015, Wealthy offers investment management and tracking tools to retail investors. It also provides advisory and access to wealth management professionals. According to its website, the firm has facilitated over Rs 4,500 crore of investments through its marketplace. Following the fresh proceeds, existing backer Alpha Wave remains the largest external stakeholder with 24.16% followed by Good Capital which holds 9.69%. Its co-founders Aditya Agarwal and Prashant Gupta jointly command 36.64% of the company. Head to TheKredible for the complete shareholding pattern. Wealthy bled profusely in FY23 as its losses blew 8X to Rs 24 crore while its revenue grew 57.2% to Rs 11.82 crore during the same period. The company is yet to disclose its financial numbers for FY24. It competes with a clutch of wealthtech platforms including Stable Money, Deserv, Cube Wealth and many others.

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.

Frinks AI raises $5.4 Mn in pre-Series A round

EntrackrEntrackr · 1m ago
Frinks AI raises $5.4 Mn in pre-Series A round
Medial

Frinks AI, a deep-tech startup focused on visual inspection and quality control in manufacturing, has raised $5.4 million in its pre-Series A funding round led by Prime Venture Partners. Existing investor Chiratae Ventures, along with Navam Capital and Zen Technologies founder Ashok Atluri, also participated. With this round, the total funding raised by the startup stands at $6.25 million. Founded by Aditya Agrawal, Dharmgya Sharma, and Subhra S. Bhattacherjee, Frinks AI builds foundational Vision AI models tailored for industrial use cases. These models enable manufacturers to automate quality checks and reduce defects. The platform is currently deployed across 1,000 production lines in sectors such as automotive, consumer goods, building materials, and medical devices. The proceeds will be used to expand in international markets, with a focus on the U.S., and strengthen R&D efforts. It is also exploring partnerships with automation companies and OEMs to scale its joint go-to-market strategy.

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