Wealth management platform Wealthy has successfully raised Rs 45 crore ($5.4 million) in its latest funding round, marking the company’s first capital infusion of the year. The investment was led by Falcon Edge’s Alpha Wave Incubation Fund, showcasing continued investor confidence in Wealthy’s growth trajectory.
According to regulatory filings accessed from the Registrar of Companies (RoC), Wealthy’s board approved a special resolution to issue 47,222 compulsory convertible preference shares at an issue price of Rs 9,556 each, resulting in the Rs 45 crore funding round. Alpha Wave spearheaded the investment with Rs 20.7 crore, followed by contributions from Savrola Lakshmi LLC (Rs 16.38 crore), Good Capital, and several individual investors.
The capital infusion comes at a crucial juncture for Wealthy, enabling the company to fuel its expansion initiatives and bolster its general working capital. With a focus on scaling operations and enhancing its suite of wealth management solutions, Startup data intelligence platform TheKredible estimates Wealthy’s post-money valuation to be approximately Rs 278 crore or $33.5 million. This valuation underscores the company’s steady growth trajectory and its ability to attract significant investor interest.
Founded in 2015 by Prashant Gupta and Aditya Agarwal, Wealthy has emerged as a leading player in the wealth management space, offering comprehensive investment management and tracking tools to retail investors. Additionally, the platform provides advisory services and access to wealth management professionals, catering to the diverse needs of its user base.
With over Rs 4,500 crore of investments facilitated through its marketplace, Wealthy has established itself as a trusted partner for retail investors seeking personalized wealth management solutions. Following the latest funding round, existing investor Alpha Wave retains the largest external stake in Wealthy, holding 24.16% of the company. Good Capital, another prominent backer, maintains a 9.69% stake. Meanwhile, co-founders collectively command a significant ownership stake of 36.64%.
Despite experiencing losses in FY23, Wealthy’s revenue surged by 57.2% to Rs 11.82 crore during the same period. While specific financial details for FY24 are yet to be disclosed, Wealthy remains committed to driving value for its stakeholders and delivering exceptional experiences to its growing user base. With the support of Alpha Wave and other investors, Wealthy is poised to capitalize on emerging opportunities and solidify its position as a market leader in wealth management technology.