Venture Capital firms Accel and Elevation Capital have invested in Aaritya Technologies, the new startup of Dale Vaz, Swiggy’s former Chief Technology Officer.

Vaz announced the funding news on X and stated that with the funding secured, he is back to building the platform.

Swiggy to Aaritya Technologies

Founded by Dale Vaz, who quit food tech giant Swiggy in April to start his entrepreneurial journey, Aaritya Technologies will be operating in the wealthtech space.

Announcing this on X, Vaz stated that he is grateful and humbled to announce the closing of VC seed funding for Aaritya Tech, with Accel and Elevation Capital coming on board. Vaz also highlighted the work experience he had with Accel and Elevation Capital during his time at Swiggy. He added,

“I had the good fortune of working with @Accel and @ElevCap during my time at Swiggy, and I am excited to continue this partnership with Aaritya Tech. “

I am grateful and humbled to announce that we closed VC seed funding for Aaritya Tech, with both @Accel and @ElevCap coming onboard.

I had the good fortune of working with @Accel and @ElevCap during my time at Swiggy, and I am excited to continue this partnership with Aaritya…

— Dale Vaz (@dale_vaz) September 8, 2023

While Vaz didn’t disclose the amount raised in this seed round, he mentioned he’s on the pursuit to expand his team. He added that they are looking to add people in marketing and engineering roles.

“We are a small hand-picked team and are looking to add passionate long term builders for roles including Growth / Marketing and Engineering.”

In addition to the mentioned VC firms, the startup also raised funding from angel investors. Providing information on the angel allocation, Vaz added that their angel allocation will be finalized and closed soon. The wealthtech segment has been growing with sizeable players like Zerodha, Upstox, and Groww. 

Indian Wealthtech Market to Grow 3x

With rising awareness and usage of digital platforms across equity and mutual fund investments, the Indian Wealthtech market is expected to grow by 3x. The segment is expected to rise from ~$20 Bn in FY20 to ~63 Bn by FY25.

Earlier this year, fintech startup InCred Capital acquired wealthtech startup Orowealth in an all-cash deal for the launch of its retail-focused wealthtech platform InCred Money. In the press release, Bhupinder Singh, Founder and Group CEO of InCred Group, highlighted that digital platforms will drive the democratization of investment opportunities for the Mass Affluent and Retail segments over the next 10 years.

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