Bengaluru-based wealth management platform Wealthy.in on Tuesday said it has raised Rs 56 crore in Series A round of funding led by Alpha Wave Incubation.
New investor Savrola Group and existing investors Venture Highway, Good Capital & Emphasis Ventures also participated in the round.
"With the latest round of funding, Wealthy.in plans to penetrate deeper into the Indian market as well as expand in international markets like the Middle East," the company said in a statement.
Founded by Aditya Agarwal and Prashant Gupta, Wealthy.in claims that it is managing client assets worth USD 450 million.
"For a long time, we have been known as a country of great savers but not great investors. However, we are seeing signs of a structural shift in the market, where investors want to manage their life's savings through a diversified pool of products.
Through our tech-enabled platform and holistic offering, Wealthy.in is well positioned to lead this market shift, Agarwal said.
Good Capital managing partner Rohan Malhotra said that the company has grown 15 times since the last fundraise.
"According to our research, the element of human assistance is a globally proven model which catalyzes healthy investment returns while deploying meaningful capital at scale. We were also very impressed with the fact that Wealthy.in is able to demonstrate industry leading monetization metrics, unit economics, and retention rates," Alpha Wave Incubation managing director Anirudh Singh said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU