Wealth management platform Wealthy has secured Rs 45 crore ($5.4 million) in a fresh funding round led by Falcon Edge’s Alpha Wave Incubation Fund. This marks the first investment round for the Bengaluru-based company in the current year.
The company’s board has approved a special resolution to issue 47,222 compulsory convertible preference shares at an issue price of Rs 9,556 each, raising the total amount. Alpha Wave contributed Rs 20.7 crore to the ground, while Savrola Lakshmi LLC invested Rs 16.38 crore. Additionally, Good Capital and other individual investors collectively participated with Rs 7.92 crore.
Wealthy plans to utilize the proceeds for expansion initiatives and general working capital purposes, as indicated by regulatory filings.
With this latest funding, Wealthy’s valuation stands at approximately Rs 278 crore or $33.5 million post-money, as estimated by startup data intelligence platform TheKredible. The company has raised over $16 million to date, including a $7.5 million Series A funding round led by Alpha Wave in early 2022.
Founded in 2015, Wealthy offers investment management and tracking tools to retail investors, along with advisory services and access to wealth management professionals. It boasts of facilitating over Rs 4,500 crore of investments through its marketplace.
Following the funding, existing investor Alpha Wave retains the largest external stake in Wealthy at 24.16%, followed by Good Capital at 9.69%. Co-founders Aditya Agarwal and Prashant Gupta jointly hold 36.64% of the company.
Wealthy reported increased losses in FY23, soaring 8X to Rs 24 crore, while revenue grew by 57.2% to Rs 11.82 crore during the same period. Financial figures for FY24 are yet to be disclosed.
Competing with various wealthtech platforms, including Stable Money, Deserv, and Cube Wealth, Wealthy continues to strengthen its position in the wealth management market.
Source: Entrackr
