Wealth Tech Startup Fisdom Raises $14 Mn From PayU
Fisdom, a Bengaluru-based wealth tech startup, has raised $14 Million in a fresh funding round from existing investor PayU.
First reported by Entrackr, the wealth tech startup’s board has passed a special resolution to allot 77,606 Series C Compulsory Convertible Preference Share (CCPS) at an issue price of Rs 14,062.11 per share to raise Rs 109 crore or $14 million, as per regulatory filings.
Fisdom | Wealth Tech Startup
Founded by Subramanya SV and Anand Dalmia, Fisdom is a wealth tech startup that caters to investors looking to invest in financial products including equity, derivatives, sovereign gold bonds, NCDs, IPOs, FPOs, buybacks, currencies and ETFs and helps them make informed decisions.
In February 2021, Fisdom forayed into tax solutions with the acquisition of Tax2Win. The wealth tech startup has partnered with banks like Oriental Bank of Commerce, Bank of Baroda, Indian Bank, Bajaj Finserv, Karnataka Bank, City Union Bank, and several more to offer financial products to its customers.
This latest funding round has come after a gap of 18 months for the wealth tech startup, which raised $7 million in a funding round led by PayU, along with participation from its existing investors, Quona Capital and Saama Capital, in December 2020.
As per Fintrackr’s estimates, Fisdom has been valued at around $145-150 million post allotment. The startup is likely to close this round at around $25 million, and the valuation will go up accordingly, as per sources.
Fisdom, whose earnings come mostly from brokerage charges and consultancy services, competes with ETMoney, Cube Wealth, Kuvera, Orowealth, and Scribox. Its revenue from operations was recorded at Rs 14 crore for the fiscal year ending on March 31, 2022. The startup posted a loss of Rs 40 crore in FY21.
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