Pickright Technologies Raises $200,000 From JITO Angel Network
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AI-enabled wealthtech app Pickright Technologies on Thursday announced to have raised $200,000 in a funding round led by JITO Angel Network( JAN). Mumbai Angels and a consortium of other angels also participated in this funding round.
“We are all glaring at pension-less retirement and job uncertainty. Erosion of interest rates as inflation is growing. This is the right time for investors, young and old alike, to notice and put a step towards wealth creation. Every penny counts,” said Namandeep Bhatia, co-founder, and chief technology officer, Pickright Technologies.
The funds raised will be used for marketing, creating tech, and specifically to create awareness on the importance of investing right and early for maximum returns in a structured organized fashion.
“Our tech platform is ready and within the launching of the platform, we have early adaptors. We are working with different discount brokers and other partners on how we can partner and scale the same. With 30,000 users on the platform and doubling MoM, We are quite excited and ready to enjoy our journey of wealth creation,” mentioned Archana E., co-founder and chief executive officer, Pickright Technologies.
The AI/ML-based algorithm creates curated powerful diversified portfolios for every user based on user profiling while allowing them to invest what they are eligible for month-on-month across asset classes.
“There exists an untapped exponential opportunity to serve this rapidly growing retail investment community, on the back of a robust digital banking ecosystem which is an enabler to grow the private wealth market AUM in India. Pickright is a fintech platform connecting investors with authentic advisors through an unbiased AI platform. With Pickright as our portfolio company, we look forward to contributing to its growth journey and value creation for the investors,” added Pawan Jain, deal lead, JITO Angel Network.
Pickright Technologies was launched in 2019 by Namandeep Bhatia and Archana E. with an aim to position itself as “a financial assistant in your pocket.” It helps plan, manages finances, and diversify investments for millennials across direct and indirect assets with just one single click with deep personalization. Pickright is an 100x.VC portfolio company, the company shared.