Wealthtech startup Univest Nets $10 Mn Led By BII

SUMMARY

The equity round also saw participation from a host of undisclosed angel investors

The Gurugram-based startup plans to deploy the freshly raised funds to develop stock market superapp for retail investors

Founded by Pranit Arora, Avneet Dhamija and Vikash Agrawal in 2022, Univest’s mobile application facilitates retail investors with various solutions including personalised investment recommendations

Wealthtech startup Univest has secured $10 Mn (around INR 85 Cr) as a part of its Series A funding round led by Bertelsmann India Investments (BII).

The equity round also saw participation from a host of undisclosed angel investors.

The Gurugram-based startup plans to deploy the freshly raised funds to develop stock market superapp for retail investors.

“With this funding round, we are excited to accelerate our mission to democratise access to high-quality research. The funds will enable us to scale our research-first, full-stack brokerage offering,creating India’s first true stock market superapp for retail investors,” said Univest’s cofounder and chief executive officer Pranit Arora.

Last month, the company was in discussions to raise $16 Mn in its Series A funding round. Back then, the round was expected to be a mix of both equity and debt infusion.

Founded by Arora, Avneet Dhamija and Vikash Agrawal in 2022, Univest’s mobile application facilitates retail investors with various solutions including personalised investment recommendations based on their risk tolerance and financial goals. The startup claims to have crossed 3 Mn signups and more than 1.5 Lakh paid subscribers on its application till date.

This comes at a time when India’s wealthtech space has been getting a lot of traction from the investors.

For instance, wealthtech startup ZFunds recently raised INR 25 Cr (around $3 Mn) in a seed funding round led by Elevation Capital for technological development.

A few months back, Centricity raised $20 Mn (around INR 166 Cr) in its seed funding round, led by Lightspeed, at a valuation of $125 Mn. Back then, the startup aimed to build a full-stack open source financial service platform largely targeted at IFAs, external asset managers and single-family offices to manage investment portfolios efficiently.

Similarly, wealthtech startup Infinyte.Club raised $3.6 Mn (INR 30.2 Cr) in its seed funding round led by Elevation Capital to boost its tech stack and expand the team.