Buildwealth Technologies Pvt Ltd, which runs wealth tech platform Wealthy.in on Wednesday said it has secured $7.5 million (around Rs 56 crore) as a part of its series A funding led by Alpha Wave Incubation (AWI).
The round also saw participation from Savrola Group and existing investors Venture Highway, Good Capital and Emphasis Ventures.
Founded by ex-IITians Aditya Agarwal and Prashant Gupta, Wealthy.in claims to offer its technology free of cost and earns when a wealth management professional suggests a financial product from its marketplace. It currently manages client assets worth $450 million through its platform.
“Legacy institutions provide a poor client experience and have flawed incentive structures for wealth management professionals. We are changing the status quo with an ethos that believes in empowering these professionals rather than replacing them.
With this fundraise, we will be able to double down on our investments in technology and penetrate deeper into the Indian market,” said Prashant Gupta, Co-Founder of Wealthy.in.
The platform claimed that in India more than 1,500 professionals leverage its suite of web, mobile apps and over 150 financial products to focus on client needs and build their portfolios. It also aims to penetrate deeper into the Indian market and global expansion.
Alpha Wave Incubation (AWI) is a $300 million venture fund backed by DisruptAD, ADQ’s venture platform, and managed by Alpha Wave Global formerly known as Falcon Edge Capital.
Recently, VCCircle reported that Alpha Wave Incubation invested in Smiles.ai, which offers dental care treatments and invisible aligners.
