Fintech startup Wealthy.in has raised $1.3 million (approximately Rs 9.21 crore at current exchange rates) in a funding round from investors including early-stage investors Good Capital and Emphasis Ventures (EMVC).
Existing investors Venture Highway, Tracxn Labs, V1 Capital and Globevestor also participated in the round, according to several media reports.
The Bengaluru-based company said it will use the funds to grow its partner base and develop more financial products to enhance its offerings, The Economic Times reported.
Aditya Agarwal, co-founder at Wealthy.in, said the firm was aiming to bridge the trust between consumers and digital financial products by introducing a rules-based advisory experience to its customers.
Separately, Good Capital founding partner Arjun Malhotra said the firm was confident in its investment because of Wealthy’s management team and approach to enabling customer service through financial training.
EMVC managing partner Melissa Frakman added that Indian consumers needed digital finance options that were transparent, convenient and cost-efficient.
Wealthy.in, which is operated by Buildwealth Technologies Pvt. Ltd, was co-founded by Aditya Agarwal and Prashant Gupta. It operates a platform that lets individuals to become wealth managers by providing them with financial training and digital products.
Wealthy.in allows its customers to invest and manage their portfolios, keep up with their financial goals and receive actionable intelligence on the investments. It also provides categorised services for requirements such as portfolio review or management and retirement savings plans, according to its website.
Investors
Good Capital was co-founded by Rohan Malhotra and Arjun Malhotra. The Malhotra brothers previously founded early-stage fund Investopad in 2013. Investopad has backed Meesho, HyperTrack and Autonomic.
In September, Good Capital launched its debut fund of $25 million (Rs 178.7 crore) and had already raised half of the target corpus to mark its first close. The Limited Partners (LPs) in the debut fund include Symphony International Holdings Ltd, led by Anil Thadani.
Emphasis Ventures, meanwhile, is a venture capital firm that invests in fintech and insurance-tech startups in emerging markets. The company says it has a strong India focus. Launched in 2018, the firm makes equity investments in early-stage startups. Earlier this month, it took part in an Rs 17.8 crore ($2.5 million) seed funding round in education loans platform Credenc, which was led by impact investor Omidyar Network India.