Led by RTP Capital, the funding round also saw participation from existing investors Matrix Partner and Lightspeed Ventures
The board at Stable Money had passed a special resolution to issue 77,135 Series A CCPS at an issue price of INR 16,019 each to raise INR 123.56 Cr, as per regulatory filings
The wealthtech startup last raised $5 Mn in its seed funding round led by Matrix Partners India and Lightspeed in 2023
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Bengaluru-based fintech startup Stable Money has raised INR 123.5 Cr (about $14.7 Mn) in its Series A funding round led by RTP Capital.
The round also saw participation from existing investors Matrix Partner and Lightspeed Ventures.
The board at Stable Money had passed a special resolution to issue 77,135 Series A Compulsory Convertible Preference Shares (CCPS) at an issue price of INR 16,019 each to raise INR 123.56 Cr, as per regulatory filings.
Entrackr reported the development first.
The financing round appears to be ongoing and Stable Money is likely to raise more capital in Series A funding.
The wealthtech startup last raised $5 Mn in its seed funding round led by Matrix Partners India and Lightspeed in 2023.
At the time, Stable Money would use the funds for hiring, product development and business expansion.
Founded by Saurabh Jain and Harish Reddy in 2022, Stable Money offers fixed-return asset investment opportunities for retail investors, such as access to fixed deposits, debt mutual funds and bonds, along with other low-risk asset classes delivering inflation-beating results to enhance their financial prospects.
Additionally, Stable Money is set to launch a platform to buy and sell bonds. The startup competes with the likes of Groww, Zerodha Coin, Kuvera and Upstox in the wealthtech space.
According to a report by Allied Market Research, the global wealthtech solutions market is estimated to become a $18.6 Bn opportunity by 2031.
The funding comes at a time when competition in the wealthtech space is set to intesify with Tata Group’s digital arm, Tata Digital, planning to launch stock trading and mutual fund investment offerings on its super app Tata Neu, according to Inc42.
Last year, crypto unicorn CoinSwitch also diversified its offerings to include investment products like fixed deposits, bonds, ETFs, stocks, and mutual funds.
Further, investors have also taken a shine on the startups operating in the sector, with Swiggy’s former chief technology officer (CTO) Dale Vaz having raised $7 Mn-$10 Mn from Accel and Elevation Capital for his wealthtech startup last year.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.