Exclusive: Fisdom Raises Around $5 Mn From Existing Investor PayU

Bengaluru-based wealthtech startup Fisdom is raising about $5 Mn (~INR 40 Cr) from its existing investor PayU in what seems to be its ongoing Series C round.

The startup’s shareholders passed a resolution to allot Series C1 compulsory convertible preference shares (CCPS) to PayU a few weeks ago, as per the filings seen by Inc42.

The startup has already received $4 Mn from PayU. 

According to Inc42 estimates, Fisdom raised the capital at a post money valuation of $102 Mn, making it a downround. Last year, it had raised close to $14 Mn from existing investors such as PayU and Quona Capital at a valuation of around $145 Mn. 

The startup raised another $4 Mn from PayU prior to that, in 2021. 

Founded in 2016 by Subramanya S V and Anand Dalmia, Fisdom is a wealthtech platform that lets users invest in stocks, mutual funds, and insurance. It also offers tax filing and wealth management services for HNIs.

As of last year, the startup claimed to have a consumer base of over 40 Cr. Last year, Fisdom also launched its online learning platform, One Percent Academy, for aspiring investors and traders to enhance their fundamental and technical analytical skills. 

Fisdom’s net loss narrowed 36.6% to INR 66.9 Cr in FY23 from INR 105.6 Cr in the previous fiscal year, while operating revenue grew 180.6% to INR 56.6 Cr during the year under review from INR 20.1 Cr in FY22. 

It must be noted that PayU entered the Indian wealthtech space with its investment in PayU in October 2021. The startup then had raised around $11 Mn from PayU, Quona, and Sama Capital. 

Fisdom competes with the likes of Groww, INDMoney, Zerodha, Kuvera, and ETMoney. 

Recently, Walmart-backed PhonePe also forayed into the investech space with its stock broking platform Share.Market.