Wealthy.in Secures Major Funding to Power a New Generation of Wealth Professionals in India
Funding Raised
In a Series B round of funding, Wealthy.in raised 130 crore. Bertelsmann India Investments was the major investor in this round. Alphawave Global as an existing investor, Shepherd’s Hill as a new investor and a group of tech entrepreneurs participated in the round as well.
What Wealthy.in Does
Wealthy.in is a wealth management tech platform that caters to the needs of mutual fund distributors and wealth management professionals. The team, by providing excellent technology, a dedicated customer service and thorough product research, supports these professionals.
At present, the portal is facilitating transactions worth more than 300 crore on a monthly basis. It collaborates with over 6000 mutual fund distributors, caters to more than 100000 clients in almost 1000 towns, and manages 5000 crore of client assets.
Growth Trajectory and Reach
The company has gone through a massive growth in the last three years. It has increased its assets under management from around 200 crore to 5000 crore.
Currently, Wealthy.in has 20 branches in India. Besides Bengaluru, Mumbai, Hyderabad, Ahmedabad, Jaipur, Lucknow, and Kolkata, the company is present in several other cities as well.
The Vision Behind the Startup
Aditya Agarwal, the founder says, India has an advice gap problem. Insurance is being sold to tens of crores of Indians through networks like that of LIC. However, there are only around five crore people who have invested in mutual funds. There is a gap of that kind because the number of advisors is so low and those who are active are not always provided with the tools that make it easy for them to scale.
Prashant Gupta, the co-founder, says that their long-term goal is to unearth a hidden pool of wealth entrepreneurs across India. Ex-bankers, relationship managers and finance professionals who want to create their own advisory businesses are among them.
Why It Matters
Essentially, doing business with Wealthy.in means dealing with the wealth ecosystem on both sides. They want to improve the technology so that the supply of advisors who can reach more people will increase. Also, they serve a country where the number of households that invest in equities is less than 15%. The founders are of the opinion that eventually, as the market matures, the percentage of households participating in equities could be around 60 percent.
Looking Ahead
This fresh infusion of money is likely to be leveraged by the company to bolster its technological capabilities, broaden its reach in smaller towns, and widen the distributor network. The target is pretty obvious. Create a future where lots of professionals have the ability to guide Indian households towards smarter investing and long-term financial growth.