Wealthtech startup Stable Money has successfully raised ₹123.5 crore (approximately $15 million) in its latest funding round.
The Bengaluru-based company attracted investment from RTP Capital, Lightspeed India, and Matrix Partners India. This achievement highlights Stable Money’s resilience, as it becomes one of the few startups to close two funding rounds within a single year amidst the current funding winter.
According to the company’s regulatory filing with the Registrar of Companies (ROC), Stable Money has issued 77,135 Compulsorily Convertible Preference Shares (CCPS) at ₹16,019 each, raising a total of ₹123.56 crore (about $14.74 million). RTP Capital led the round with an investment of ₹54.26 crore ($6.5 million), while Lightspeed India and Matrix Partners India each contributed ₹34.64 crore ($4.15 million).
In August 2023, Stable Money had raised $5 million in its initial equity fundraise, with Matrix Partners and Lightspeed India leading the round. Titan Capital, Mar Shot Ventures, and several prominent angel investors also participated.
Startup data intelligence platform TheKredible estimates Stable Money’s post-money valuation at around $55 million, reflecting a significant increase from its previous valuation of $16.5 million.
Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is developing a fixed-return investment platform aimed at providing financial consultation services and publishing financial literacy content to enhance investor awareness.
The wealthtech sector has seen notable funding activity this year. Recently, Deserv secured $32 million in its Series B round led by Premji Invest. Additionally, in May, wealth management platform Wealthy raised $5.4 million in a round led by Alpha Wave Incubation Fund.
