Univest Seeks $16 Mn Funding From BII, Innoven Capital

SUMMARY

Wealthtech startup Univest is reportedly in discussions to raise $16 Mn (around INR 135 Cr) as a part of its Series A funding round in a mix of equity and debt

Innoven Capital is expected to pump $3 Mn into debt financing

With the fresh capital, Univest plans to roll out an advisory-first brokerage platform under a new entity named Univest Broking

Wealthtech startup Univest is reportedly in discussions to raise $16 Mn (around INR 135 Cr) as a part of its Series A funding round.

The fresh round, which will be a mix of both equity and debt infusion, is likely to be led by Bertelsmann India Investments (BII), along with participation from Innoven Capital, ET reported, citing sources familiar with the matter.

Innoven Capital is expected to pump $3 Mn into debt financing, the report added.

With the fresh capital, Univest plans to roll out an advisory-first brokerage platform under a new entity named Univest Broking.

Responding to Inc42’s queries, Univest cofounder and chief executive Pranit Arora said, “We can’t confirm or deny anything at this stage. We will be sharing more information, once things are official.”

Founded in 2022 by Arora, Avneet Dhamija and Vikash Agrawal, Univest is a mobile app that offers investors a suite of investment solutions. It provides users with personalised investment recommendations based on their risk tolerance and financial goals.

The startup generates revenue through a combination of transaction and subscription fees. For each investment transaction initiated through the platform, Univest charges a small commission.

Univest runs two wholly-owned subsidiaries, namely Uniresearch, research analyst arm, and Uniapps, wealth advisory arm, both of which are registered with SEBI (Securities and Exchange Board of India).

It is noted that the fintech startup was featured in Inc42’s 30 Startups To Watch In November 2023.

This development comes at a time when expansion of traditional trading and investment is peaking among investors and the rising backlashes of crypto returns.

Earlier this month, markets regulator SEBI cautioned the public against unauthorised online virtual trading and gaming platforms, addressing the growing menace of online platforms offering fantasy games to the public based on stock trading data of listed companies.

Following which, homegrown crypto exchange CoinSwitch rolled out a new service called ‘SmartInvest’ to help newbies minimise risks related to crypto trading.

Updated at 11:03 AM

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