Wealthtech Startup PowerUp Money Bags $7.1 Mn

SUMMARY

The funding round co-led by Accel, Blume Ventures and Kae Capital, with participation from 8i Ventures, DeVC and a host of angel investors

The startup plans to use the fresh capital to boost its product development, strengthen investment intelligence engine and to scale up its advisory offerings

Launched in 2024 by Uni Cards’ cofounder Prateek Jindal, PowerUp Money helps its customers to manage their mutual fund portfolios

Wealthtech startup PowerUp Money has secured $7.1 Mn (INR 60.7 Cr) in a seed funding round co-led by Accel, Blume Ventures and Kae Capital.

The round also saw participation from 8i Ventures, DeVC and a host of angel investors.

The startup plans to use the fresh capital to boost its product development, strengthen investment intelligence engine and to scale up its advisory offerings.

Launched in 2024 by Uni Cards’ cofounder Prateek Jindal, PowerUp Money helps its customers to manage their mutual fund portfolios with the same discipline and insights that top advisors bring in a simplified and tailored platform through its flagship offering Power Mutual Funds.

The startup claimed that Power Mutual Funds is already tracking over INR 3,000 Cr in assets across 25,000 customers.

“We want to empower every investor with the right research and tools, in a way that’s simple and effortless. Getting the right advice at the right time compounds not just your money, but also your confidence as an investor,” Jindal said.

Apart from this, the platform also has a premium offering called PowerUp Elite, which offers deep research and curated portfolio guidance without the high fees of traditional wealth managers. The membership designed for serious investors is priced at just INR 999 per year.

The development comes at a time when the wealthtech segment has been gaining the investors’ interest to boost their operations. Additionally, bigger fintech players have also been eyeing to acquire wealthtech businesses to expand their offerings towards wealth management.

For instance, wealthtech platforms such as Scripbox, ZFunds and Univest have raised capital over the past six months.

Meanwhile, almost a month ago, IPO-bound investment tech unicorn Groww signed a definitive agreement to acquire wealthtech startup Fisdom in an all-cash deal. The deal will value Fisdom at about $150 Mn, and Groww is looking to carry the acquisition with plans to expand its offerings in the wealth management space.

This comes at a time when India’s investment tech market is poised to become a $31 Bn opportunity by 2030, as per Inc42’s State Of Indian Fintech Report 2024.

Notably, based on Inc42’s Indian Tech Startup Funding Report, 2024, fintech emerged as the most funded sector last year with a total funding of $2.5 Bn in 162 deals.