Wealthy Raises INR 130 Cr in Series B Led by Bertelsmann India Investments Existing investors Shepherd's Hill Group and Alpha Wave Global also participated.
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Bengaluru-based wealth management platform Wealthy has raised INR 130 crore (USD 14.5 million) in its latest Series B funding round led by Bertelsmann India Investments.
Existing investors Shepherd's Hill Group and Alpha Wave Global also participated.
With this round, the startup's total fundraising stands at roughly USD 30 million. This includes an earlier INR 45 crore Series B investment from Falcon Edge's Alpha Wave Incubation Fund.
The fresh capital will support Wealthy's plan to expand its digital tools and artificial intelligence enabled solutions for mutual fund distributors. The brand aims to strengthen the technology used by distributors as more Indian investors seek organised financial planning and long term wealth building.
Founded in 2015 by Aditya Agarwal and Prashant Gupta, Wealthy is a wealth-tech platform that provides digital wealth management and curated investment services to independent financial advisors and their clients. Services include investments in mutual funds, stocks, bonds, fixed deposits, and insurance products.
Wealthy claims to have reported significant growth in recent years. Its assets under management increased from INR 200 crore to INR 5,000 crore over the past three years.
The company currently operates 20 offices in major Indian cities such as Bengaluru, Mumbai, Hyderabad, Ahmedabad, Surat, Jaipur, Gurugram, Delhi, Faridabad, Ghaziabad, Lucknow, Kanpur and Kolkata.
The platform said that it processes more than INR 300 crore in monthly transactions and works with over 6,000 mutual fund distributors serving more than 100,000 clients across more than 1,000 towns.
Wealthy competes with several established players in the Indian market including Groww, Upstox, Paytm Money, Dezerv and others.
