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Wealthtech startup Dezerv raises $32 Mn in Series B

EntrackrEntrackr · 11m ago
Wealthtech startup Dezerv raises $32 Mn in Series B
Medial

Wealthtech platform Dezerv has raised Rs 265 crore or $32 million in a Series B round led by Premji Invest. The fundraise demonstrates the Mumbai-based firm’s ability to weather through the funding drought, especially in the wealth management space. The board at Dezerv has passed a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each to raise Rs 265 crore or $32 million, its regulatory filings accessed from the RoC shows. Premji Invest spearheaded the round with Rs 169 crore while existing backers Elevation Capital and Matrix Partners pumped in Rs 35 crore each. Accel India, which led Dezerv’s Series A financing round, also participated with Rs 26 crore during the Series B round. According to the filings, the company will use these fresh proceeds for growth and strengthening its financial position. Dezerv offers portfolio management services to top-salaried and business individuals. It manages investment portfolios by leveraging in-house experts and claims to have delivered close to 30% returns to its users since its inception in April 2021. As per TheKredible estimate, the company has been valued at around Rs 1,715 crore or $207 million (post-allotment). The Series B round appears to have been an ongoing one and the firm may raise more capital. Dezerv’s post-money valuation will change accordingly. Following the allotment of the Series B round, Premji Invest controls 9.84% of the captable while Elevation Capital, Matrix, and Accel command 15.28%, 15.28%, and 11.46% of the company, respectively. Dezerv has raised around $60 million to date including its $7 million seed round co-led by Elevation and Matrix in September 2021.

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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.

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

EntrackrEntrackr · 11m 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.

Wealthy’s revenue shots up over 2X with sound economics

EntrackrEntrackr · 9m ago
Wealthy’s revenue shots up over 2X with sound economics
Medial

Wealthtech platform Wealthy has grown over two-fold in the fiscal year ending March 2024. Moreover, the Bengaluru-based startup also brought down losses by one-fourth in FY24 as compared to FY23. Wealthy’s revenue from operations increased 2.3X to Rs 8.94 crore in FY24, its consolidated financial statement with the RoC shows. Wealthy provides investment management and tracking tools for retail investors, along with advisory services. It claims to have facilitated over Rs 4,500 crore of investments through its platform, with income from service sales as its sole source of operating revenue. Looking at expenses, employee benefits accounted for 50% of Wealthy’s total costs, decreasing by 21% to Rs 13 crore in FY24. Depreciation made up 20% of the cost and doubled in FY24. Commissions paid to vendors represented 11% of expenses, while marketing accounted for 5.2%. Overall, its total costs decreased by 5.6% to Rs 25.7 crore in FY24. The Good Capital-backed firm reported a loss of Rs 16.75 crore in FY24, down by 25%. Its ROCE stood at -33.06%, and EBITDA margin at -60.64%. Wealthy spent Rs 3.03 to generate a rupee in operating income. FY23-FY24 FY23 FY24 EBITDA Margin -392.09% -128.64% Expense/₹ of Op Revenue ₹7.63 ₹3.03 ROCE -60.64% -33.06% Wealthy has raised a total of Rs 117.27 crore including Rs 45 crore in Series B round led by Falcon Edge’s Alpha Wave Incubation Fund. According to startup data intelligence platform TheKredible, Alpha Wave is the largest stakeholder with close to 23% as of the firm’s Series A round. Wealthtech in India is experiencing significant growth, with startups raising over $200 million in the past year, as reported by TheKredible. Leading the way is Peak XV-backed Neo, which secured $48 million. Mumbai’s Dezerv followed with $32 million in Series B funding, while Singapore’s Syfe raised $27 million from its tech hub in Gurugram. Other noteworthy fundraisers include Stable Money, Fisdom, InvestorAi, Wealthy, Powder, Infynite Club, and Vijya Fintech.

Battery tech startup Lohum raises $23 Mn in ongoing Series B

EntrackrEntrackr · 1y ago
Battery tech startup Lohum raises $23 Mn in ongoing Series B
Medial

Battery pack manufacturing and recycling startup Lohum Cleantech has raised $23 million in its Series B round led by Baring Private Equity Partners. This round materialized in August last year and seems to be an ongoing one as the firm is likely to raise more capital. The round also saw the participation of Cactus Partners, Chhattisgarh Investment Limited, Ventureast Proactive Fund, Michael B Schwab Living Trust, Singularity Growth, Stride Ventures, and several angel investors including, Anish Vora, Kunal Babani, Manas Tondon, et al. The board at Lohum has passed a special resolution to issue 1,993 Series B1 CCPS at an issue price of Rs 9,42,467 each to raise Rs 188 crore, its regulatory filing sourced from the Registrar of Companies shows. Baring Private Equity led the round with Rs 70 crore while Cactus Partners and Ventureast Proactive Fund poured in Rs 30 crore and Rs 32 crore, respectively while the rest came from other investors. The seven-year-old company will use these funds to meet capital expenditures, marketing, and general corporate business as decided by the board of directors, the filing added. Following the fresh proceeds, Baring Equity holds 5% of the company while Cactus Partners and Ventureast Proactive Fund command 3.1% and 3.2% stake respectively. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 2,188 crore or $267 million post-allotment. Lohum is a battery pack producer that constructs lithium-ion batteries by assembling cells sourced from various countries, including China and Taiwan. These batteries find application in electric vehicles (EVs) and stationary energy storage solutions (ESS), such as those utilized in telecommunication towers. The company had previously raised $7 million in January 2021 and it was reportedly in talks to raise $100 million in Series B round. Lohum showed an impressive financial performance surging its revenue 2.9X year-on-year to Rs 308 crore in FY23 from Rs 106 crore in FY23. The company also posted a profit of Rs 8.88 crore in the same period.

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