Mutual fund distributors-focussed wealthtech startup Wealthy has raised INR 130 Cr (about $14.6 Mn) in its Series B funding round led by Bertelsmann India Investments. The funding also saw participation from Shepherd’s Hill, existing backer Alpha Wave Global and a group of undisclosed tech entrepreneurs.
In a statement, the startup said it will use the funds to advance its AI-powered tools and digital infrastructure for mutual fund distributors. It also plans to use a part of the funds to increase investments in technology and expand into tier II & III cities.
Founded in 2016 by Aditya Agarwal and Prashant Gupta, Wealthy provides AI-powered tools and digital infrastructure to mutual fund distributors and investment advisors covering mutual funds, stocks, fixed deposits, fixed income securities and insurances. It operates two dedicated apps for clients and distributors, which enable seamless access to over 200 financial institutions across a range of financial products and asset classes.
The startup claims that its platform processes over INR 300 Cr in monthly transactions and has built a network of more than 6,000 mutual fund distributors serving over 1 Lakh clients across 1,000 towns. Currently, it manages client assets worth INR 5,000 Cr.
Overall, Wealthy has raised a total funding of over $28 Mn to date, including the latest round, from investors like Good Capital, Venture Highway, among others.
This comes at a time when wealthtech startups are getting a lot of interest from investors. While fintech startups have simplified investing for retail investors, a number of startups are now looking to digitise and streamline the processes for mutual fund distributors, investment advisors, and provide specialised recommendations to affluent investors.
Last month, wealth management platform Dezerv raised INR 350 Cr (about $39.4 Mn) in its Series C funding round. In the same month, Groww completed the acquisition of Fisdom to expand its offerings for affluent investors.
Overall, wealthtech startups like PowerUp Money, Scripbox, ZFunds and Univest have raised capital over the past 12 months.
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