SUMMARY
The funding round saw participation from existing investors Ovo Fund and Tenoneten along with new investors 9Unicorns, angel investors Ankur Warikoo and content creators such as Dhruv Rathee
The startup will use the funds to scale its team globally and expand its product suite
Vested Finance had raised $3.6 Mn in its seed funding round in May 2021
Silicon Valley and Mumbai-based investment tech startup Vested Finance has raised $12 Mn in a Series A funding round led by Ayon Capital. Existing investors Tenoneten, Ovo Fund, Wedbush Ventures, IPV, and Upscale also participated in the funding round.e
Vested Finance also saw the participation of new investors 9Unicorns, angel investors Ankur Warikoo, Dhruvil Sanghvi, and Saumil Parekh, along with content creators Akshat Shrivastava, Mukul Malik, Sharan Hedge, Dhruv Rathee, Shashank Udupa, and others.
Viram Shah, cofounder and CEO, Vested Finance, informed that the startup will use the funds to scale its team globally and expand its product suite to launch complementary products in the cross-border space while continuing to grow the core US investing user base.
Before this funding round, Vested Finance raised $3.6 Mn in its seed funding round from US-based venture capital firms Moving Capital, Ovo Fund and TenOneTen Ventures as well as Inflection Point Ventures and Venture Catalysts in India.
Vested Finance claims to have processed more than $250 Mn in transactions in 2021 and also tripled the deposits on the platform in 2021. The startup’s global team is based across India, USA, and Canada.
To facilitate the Indian investors to invest in US markets, Vested has partnered with more than 35 partners including brokers, fintechs, and wealth management firms in India, including the likes of Axis Securities, Kuvera, Angel Broking, and 5Paisa.
The company also offers easy-to-understand content on the US markets on its platform to help customers make informed investment decisions. Some of the other product features include instant account opening, Vests or curated portfolios that comprise stocks and/or ETFs, and easy tax filing.
Shah said, “We want to enable investors across the globe to access global wealth creation opportunities in an easy and cost-effective manner. The growth that we have seen over the years is testimony to the interest of Indian investors in investing in the US markets.”
Rahul Pagidipati, managing partner, Ayon Capital said, “Vested is an integral part of Ayon’s plan to provide a diversified suite of products for the large and growing Indian investor community to preserve and build their wealth.”
The Indian investment tech market is poised to grow to over $60 Bn by FY25, from its current market size of $20 Bn.
According to an Inc42 Plus report, India is now home to more than 400 investment tech startups in the country and has already seen two unicorns, Zerodha and Groww. While the former is valued at around $1 Bn right now, the latter, after raising $251 Mn in a funding round, saw its valuation hit $3 Bn.
