Wealthy.in, a Bengaluru-based WealthTech platform, announced it has raised $7.5 million in Series A round of funding led by Alpha Wave Incubation (AWI). AWI is backed by ADQ’s venture platform, and managed by Alpha Wave Global (formerly known as Falcon Edge Capital).
New investor Savrola Group and existing investors Venture Highway, Good Capital & Emphasis Ventures also participated in the round.
It has been founded by Aditya Agarwal and Prashant Gupta. With the latest round of funding,Wealthy.in plans to penetrate deeper into the Indian market as well as expand in international markets like the Middle East.
“For a long time, we have been known as a country of great savers but not great investors. However, we are seeing signs of a structural shift in the market, where investors want to manage their life’s savings through a diversified pool of products. Through our tech-enabled platform, Wealthy.in is well-positioned to lead this market shift,” said Aditya Agarwal.
Of India’s total $15 trillion household savings, $9 trillion are owned by around 55 million affluent households. But institutional wealth management channels cater only to the top 300,000 households, leaving the remaining 99 percent with a need for professional wealth management services.
Penetration of wealth management products in India is still in single-digits (8 Wealthy.in of total wealth) as compared to developed markets like the US (72 percent of total wealth) and China (44 percent of total wealth). A shifting investing pattern coupled with a lack of quality service providers, makes it a $20 billion net revenue opportunity.
“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.
