Fisdom Appoints Girish Venkat To Head Wealth Management Biz

SUMMARY

Fisdom has appointed Girish Venkat as Head of Wealth Management.

Venkat brings 25+ years of experience in wealth management, broking, and banking.

Fisdom partners with 15 banks in India, offering wealth management services.

Bengaluru-based wealthtech startup Fisdom has roped in Girish Venkat as the head of its wealth management business.

“Wealth management in India, particularly in tier II and III cities, is a massive opportunity. I look forward to scaling this to greater heights,” Venkat said.

With over 25 years of experience across wealth management, he, previously, served as head of sales for wealth management at State Bank of India.

Prior to that, he was with Aditya Birla Money Ltd, ICICI Bank and ICICI Capital Services.

Subramanya SV, co-founder and CEO of Fisdom, said, “Girish has proven experience of building and scaling multiple businesses. We are confident that we will scale greater heights in the coming years.”

Fisdom offers products, including mutual funds, stock broking, PMS, AIFs, and insurance.

The company, valued at approximately $102 Mn (INR 847 Cr), has raised $59 Mn (INR 490 Cr) over 8 funding rounds, including a $5 Mn (INR 41.5 Cr) investment from PayU in January.

The company has more than 120 wealth managers across 25 locations and plans to expand in tier 2 and 3 cities. Backed by PayU, Quona Capital, and Saama Capital, Fisdom competes with Groww, Finvasia, and Zerodha in India’s growing digital wealth management sector. Its platform offers stocks, mutual funds, insurance, and other financial products.

In FY23, Fisdom’s operating revenue grew 180.6% to INR 56.6 Cr, while its net loss decreased by 36.6% to INR 66.9 Cr.

Fisdom’s expansion aligns with the growth in India’s asset management market, valued at $865 Bn and projected to grow at a 14% CAGR from 2024 to 2029. This growth is driven by tech advancements and increased investor awareness.

The wealth management startup space is evolving rapidly.

For instance, Kuvera recently raised $5 Mn (INR 40 Cr) in a Series B funding round, bringing its total funding to $10.1 Mn (INR 80.8 Cr).

Meanwhile, Finpeg is enhancing its algorithmic investment strategies, while RupeeVest continues to offer tailored online investment services.

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