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Wealthy raises Rs 130 Cr led by Bertelsmann India Investments

EntrackrEntrackr ยท 7d ago
Wealthy raises Rs 130 Cr led by Bertelsmann India Investments
Medial

Wealth-management platform Wealthy has raised Rs 130 crore ($14.5 million) in a new funding round led by Bertelsmann India Investments. Its existing investors Shepherdโ€™s Hill Group and Alpha Wave Global also participated. The proceeds will be used to expand Wealthyโ€™s advisor network, improve its product stack, and increase penetration in new markets. It is also expected to strengthen its technology infrastructure and compliance systems as product categories scale. Founded in 2015, Wealthy operates a digital marketplace for financial products and a distribution platform for advisors. The company enables independent financial advisors to sell mutual funds, insurance, fixed deposits, bonds, and other wealth products through its technology stack. According to the company, its AUM has increased from Rs 200 crore to Rs 5,000 crore over the past three years, reflecting strong business expansion. Wealthy now operates 20 offices across India, with a significant presence in major cities such as Bengaluru, Mumbai, Hyderabad, Ahmedabad, Surat, Jaipur, Gurugram, Delhi, Faridabad, Ghaziabad, Lucknow, Kanpur, and Kolkata. The platform claims to process over Rs 300 crore in monthly transactions and works with more than 6,000 mutual fund distributors serving over 100,000 clients. As per TheKredible, Wealthyโ€™s revenue from operations grew to Rs 25 crore in FY25 from Rs 14.5 crore in FY24. The AWI-backed company recorded a net loss of Rs 35 crore in the last fiscal year, compared to Rs 24 crore in FY24.

Exclusive: Wealthy raises fresh capital from Alpha Wave

EntrackrEntrackr ยท 1y ago
Exclusive: Wealthy raises fresh capital from Alpha Wave
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Wealth management platform Wealthy has raised Rs 45 crore ($5.4 million) in a new round led by Falcon Edgeโ€™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 TheKredibleโ€™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.

Wealthtech firm Neo raises $48 Mn led by MUFG, Euclidean Capital

EntrackrEntrackr ยท 1y ago
Wealthtech firm Neo raises $48 Mn led by MUFG, Euclidean Capital
Medial

Wealth and asset management firm Neo has raised Rs 400 crore or $48 million in Series B round led by MUFG Bank and New York-based Euclidean Capital LLC. Existing investor Peak XV Partners also participated in this round. The funds will be used to expand Neoโ€™s wealth management division and enhance support for its asset management business, the company said in a press release. With this, Neo has raised around 1,000 crore ($120 million) in equity capital including a $35 million round from Peak XV in October last year. Earlier this month, the company raised the first tranche of this round worth $26.5 million. As per startup data intelligence platform TheKredible, it was valued at around $231 million. Mumbai-based Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. Focusing in the areas of credit and real assets, the platform has also launched bespoke funds that provide capital solutions to companies providing risk adjusted returns for investors. Neo group claims that it manages nearly Rs 35,000 crore in wealth management assets and over Rs 6,000 crore in alternative asset management. The three-year-old firm reported a nine-fold growth in its revenue to Rs 65 crore in the fiscal year ending March 2023 (FY23). Significantly, it achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results. According to TheKredible, Peak VV was the largest external shareholder, holding 22.22% of the company. The companyโ€™s co-foundersโ€”Nitin Jain, Varun Bajpai, and Hemant Dograโ€”collectively held 63.81% prior to this funding round. More than half a dozen wealthtech startups have raised funds in the ongoing calendar year. Recently, Stable Money raised $15 million while Deserv raked in $32 million. Fisdom, Powder, Wealthy and Infynite Club also scored decent funding in the past year.

Fintech startup Mili raises $2 Mn led by Chiratae and BoldCap

EntrackrEntrackr ยท 11m ago
Fintech startup Mili raises $2 Mn led by Chiratae and BoldCap
Medial

AI meeting assistant for wealth management firm Mili has raised $2 million in its seed round led by Chiratae and BoldCap with participating investors Sparrow Capital, SFMG Wealth Advisors, Gregg Fisher (Quent Capital), and Better Capital. The proceeds will be used to enhance and accelerate Mili's product, including expanding customization capabilities, deepening integrations, ramping up its partnerships, and growing the engineering and customer success teams. Founded in early 2024 and is led by Chirag Gandhi, Mili provides enterprise-grade meeting documentation software that helps wealth management firms streamline their advisory workflows while maintaining the highest standards of compliance and customization. The platform enables financial advisors to focus on client relationships by reducing administrative overhead through secure, real-time AI assistance that works seamlessly with existing systems. According to the company, it has an industry-leading compliance architecture built for enterprise wealth management, with customizable templates and firm-specific rubrics that adapt to each practice's unique needs. Mili has a rapidly expanding integration suite supporting major wealth management platforms, backed by an SOC 2-certified infrastructure with enterprise-grade security.

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