Savrola group came in as a new investor while existing backers Venture Highway, Good Capital and Emphasis Ventures also participated in the round.
Wealthy will use the funds to penetrate deeper into the Indian market and expand globally, including in the Middle East, the Bengaluru company said in a statement on Wednesday.
Founded by Aditya Agarwal and Prashant Gupta, Wealthy offers investment management and tracking tools to retail investors. It also provides advisory and access to wealth management professionals from its marketplace.
While Wealthy says its technology-based portfolio tracking and management platform is free, it does earn commissions on professional advisory provided by wealth managers. It claims to have over 1,500 wealth managers on its platform, who provide advice to its clients and leverage the company’s software stack. The company claims to have $450 million in assets under management on its platform.
“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,” said Aditya Agarwal, Wealthy’s cofounder.
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Wealth management continues to be a focus area for Indian fintech investments and several startups in the space have raised funds this year. Recently, Bengaluru-based online wealth manager Scripbox, which also employs financial planners,
raised $21 million in debt and equity in a round led by Accel Partners.
Wealth management solutions provider IndMoney, which was started by GoIbibo’s Ashish Kashyap, also
raised $75 million from investors last month. Raise Financial Services, which currently caters to super-traders and long-term investors,
raised $22 million in the last week of January, led by Beenext and Mirae Asset Venture Investments.