Get All Access for $5/mo

This Wealth Management Start-Up Plans To Use $1.3 Mln Funding To Expand Partner Base Having begun three years ago with an offering of easy tax saving investments, Bengaluru-based Wealthy said it would use the new funds to gain more partners and develop the platform further.

By Debroop Roy

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

Fintech start-up Wealthy.in, which helps professionals manage their money, has raised $1.3 million in a funding round led by early stage venture capital firm Good Capital. Fintech investment firm Emphasis Ventures was also part of the round, the company said in a statement.

"Wealthy's approach in enabling middleman to better curate and serve the eventual customer is something that resonates well with our investment thesis," said Good Capital's founding partner Arjun Malhotra.

According to the company's website, it currently helps over 20,000 people manage their wealth.

From Saving Taxes to Managing Wealth

Founded in 2016, in its initial stages, Wealthy offered investment solutions aimed at tax saving, in three clicks. Over the last three years, however, it has expanded its offering to include other financial services and products.

Some of Wealthy's most popular products include children's education, retirement plans and house building. The Bengaluru-based company claims to have INR 800 crore under advisory.

"Indian households with a large and emerging middle class deserve the transparency, cost-efficiency, and convenience of the country's digital finance transformation, while still enjoying personalized, professional service from their advisor," said Emphasis' managing partner Melissa Frakman.

Word of Mouth Growth

As the company has scaled and used social media for digital marketing purposes, it says, customers, who were referred by their friends or at their workplace via word of mouth, were the ones who had built "meaningful" relationships with the platform.

"Our focus is to build a strong base of partners that we call wealth managers," said Wealthy's co-founder Aditya Agarwal.

According to Agarwal, even though there is a growing demand for convenient and paperless online financial solutions, there is an underlying trust issue that deters most end customers.

"Our partners are helping solve this trust deficit by bringing a rules-based advisory experience to customers in their trust network," he added.

On Google play store, Wealthy's app currently has over 50,000 downloads.

Scaling Further

The company said the new funds would be used to scale up the partner base further while it also works to develop and expand its product offering.

"Our latest fundraise will help us fast track the process of onboarding banking professionals who are looking for an independent career," said Prashant Gupta, another one of Wealthy's co-founders.

"Wealthy's bank-like financial services platform, software-led advisory and a cloud-based operation empowers these partners to build the career they always dreamt of," he added.

Debroop Roy

Former Correspondent

Covering the start-up ecosystem in and around Bangalore. Formerly an energy reporter at Reuters. A film, cricket buff who also writes fiction on weekends.
Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

Business News

Apple Is Adding ChatGPT to iPhones This Week. Here's How It Works.

ChatGPT will take over questions that Siri can't answer.

Growing a Business

5 Effective Strategies to Boost Your Business's Online Presence

Boosting your online presence in 2025 is the key to success for businesses looking to grow. Working on your branding and reputation management is important to drive more sales and improve conversion.

Growing a Business

Why Business Owners Should Streamline Their Operations Now for Success in 2025

As the holiday season and year-end approach, business owners face heightened operational demands, from inventory management to spend control. By streamlining these processes and partnering with flexible suppliers, businesses can maintain efficiency, meet customer needs and focus on growth while navigating this busy period.

Growing a Business

How to Spot Trends and Anticipate Market Shifts Before Your Competition

Discover how to identify disruptive trends before your competitors by mastering the art of anticipating market shifts. Learn strategies for staying ahead and gaining a competitive edge in business.