Wealthtech Startup ZFunds Raises INR 25 Cr Funding Led by Elevation Capital The startup aims to use the fresh funds to expand its distribution network and bolster its technical capabilities.
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Gurugram-based wealthtech startup ZFunds has announced the raising of INR 25 crore (USD 3 million) in its seed funding round led by Elevation Capital.
The round also saw participation from Yashish Dahiya, CEO of PB Fintech, marking a significant milestone for the company.
Founded in 2019 by Manish Kothari and Vidhi Tuteja, ZFunds offers an intuitive platform that tracks asset performance, provides personalised product recommendations, and facilitates fund redemption for clients.
Manish Kothari, Co-founder and CEO, ZFunds, said, " "Mutual fund distribution and financial advisory is no longer a one-person job. Intermediaries must quickly adapt to four key facets of this business: personalized advice and support, technology, regulatory compliance, and product research. Today's customers are well-informed and actively seek these elements from their mutual fund distributors. As their savings grow and become more substantial, their demand for these services will only increase."
The platform also empowers its network of over 10,000 agents with in-depth research insights to enhance their financial market expertise.
The startup plans to utilise the fresh funds to expand its distribution network and bolster its technical capabilities, further solidifying its position in the Indian wealthtech ecosystem. Currently, ZFunds serves a robust customer base of 60,000 individuals.
Kshitij Jayakrishnan, Vice President, Elevation Capital, said, "ZFunds combines Manish Kothari's extensive wealth management experience with Vidhi Tuteja's exceptional product and technology leadership to create a platform that empowers mutual fund distributors with innovative tools, training, and support. By leveraging technology to streamline processes and enhance distributor success, the team is setting a new standard in the industry - and this excited us to partner with them. They've demonstrated remarkable execution and efficiency, positioning ZFunds as a transformative player in India's financial product distribution ecosystem."
This funding highlights the increasing traction in India's wealthtech sector, where platforms like Neo, Dezerv, and Centricity have collectively raised over USD 200 million across 13 deals since October 2023, as reported by TheKredible.
With its customer-centric approach and growing reach, ZFunds is poised to capitalise on the booming fintech market, making wealth management more accessible to individuals across India.
