Wealthtech Startup Wealthy.in Raises $7.5 Million In Series A Funding
Bengaluru-based wealthtech startup Wealthy.in has raised $7.5 million in a Series A round of funding led by Alpha Wave Incubation (AWI). The funding round also saw participation from new investor Savrola Group and existing investors Venture Highway, Good Capital and Emphasis Ventures.
As per the startup, the freshly raised funds will be used to penetrate deeper into the Indian market as well as expand in international markets like the Middle East.
Wealthy | Enabling Professionals To Grow Wealth For Investors
Founded in 2015 by Aditya Agarwal and Prashant Gupta, Wealthy.in is a wealth management platform, that enables professionals to grow wealth for investors. Currently, more than 1,500 such professionals across the country claim to use Wealthy.in’s suite of web, mobile apps, and 150+ financial products to focus on client needs and build their portfolios.
Speaking about the development, Aditya Agarwal, said,
“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.”
The Bengaluru-based wealthtech startup offers its technology free of cost and earns only when a wealth management professional suggests a financial product from its marketplace. As per the startup, this business model enables them to uncompromisingly focus on building and managing client relationships,
Also, the penetration of wealth management products in India is still in single-digits (8% of total wealth) as compared to developed markets like the US (72% of total wealth) and China (44% of total wealth). A shifting investing pattern, coupled with a lack of quality service providers, makes it a $20 billion net revenue opportunity, the startup added.
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