Wealthtech platform Wealthy has achieved remarkable growth in FY24, with its revenue more than doubling compared to the previous fiscal year. The platform offers investment management and advisory services to retail investors, helping them track and manage their portfolios efficiently.
According to its consolidated financial report filed with the RoC, Wealthy’s revenue from operations surged 2.4 times, reaching Rs 14.5 crore in FY24, up from Rs 6 crore in FY23. Supported by Alpha Wave, the company has facilitated over Rs 4,500 crore in investments, relying solely on service sales for its operating revenue.
In terms of expenses, employee benefits represented 60% of the company’s total costs, which grew by 32.8% to Rs 29.78 crore in FY24. Additionally, advertising and legal fees were recorded at Rs 1.34 crore and Rs 4 crore, respectively. Overall, Wealthy’s total costs rose by 47.1% to Rs 49.5 crore for the fiscal year ending March 2024.
Despite the revenue growth, the nine-year-old firm reported a loss of Rs 24.2 crore for FY24. Its ROCE and EBITDA margin stood at -57.96% and -74.6%, respectively. The company spent Rs 3.41 for every rupee generated in operating income during the fiscal year. To date, Wealthy has raised Rs 117.27 crore, including Rs 45 crore from a Series B round led by Falcon Edge’s Alpha Wave Incubation Fund. Alpha Wave holds the largest stake in Wealthy, owning close to 23% following the company’s Series A round, according to TheKredible.
The wealthtech industry in India is booming, with startups raising over $200 million in the past year, according to data from TheKredible. Some of the key players include Peak XV-backed Neo, which secured $48 million, followed by Mumbai-based Dezerv with $32 million in Series B funding, and Singapore’s Syfe, which raised $27 million through its Gurugram tech hub. Other notable companies in the space include Stable Money, Fisdom, InvestorAi, Powder, Infynite Club , and Vijya Fintech. Wealthy is among the leading platforms contributing to this sector’s impressive growth.