Stable Money, a Bengaluru-based wealthtech startup, has successfully raised over Rs 123 crore (approximately $15 million) in a recent funding round. This round saw participation from RTP Capital, Lightspeed India, and Matrix Partners, marking a significant achievement for the company, especially given the challenging funding environment.
According to regulatory filings accessed from the Registrar of Companies (ROC), Stable Money’s board approved the issuance of 77,135 Compulsorily Convertible Preference Shares (CCPS) at a price of Rs 16,019 each, totaling Rs 123.56 crore ($14.74 million).
Leading this funding round was RTP Capital, contributing Rs 54.26 crore ($6.5 million). Lightspeed India and Matrix Partners India each invested Rs 34.64 crore ($4.15 million). This funding round follows Stable Money’s first equity fundraise in August 2023, where the startup raised $5 million. This initial round was led by Matrix Partners and Lightspeed, with additional participation from Titan Capital, Mar Shot Ventures, and several notable angel investors.
Post this latest funding, Stable Money’s valuation is expected to soar to around $55 million, a significant increase from its previous valuation of $16.5 million, as reported by the startup data intelligence platform, TheKredible.
Stable Money was founded in late 2022 by Saurabh Jain and Harish Reddy. The startup is developing a fixed-return investment platform aimed at providing financial consultation services. Additionally, it plans to offer financial literacy content through its online platform to educate and create awareness among investors.
