Wealthtech Startup Univest Seeks $16 Mn Funding From BII, Innoven Capital

Wealthtech Startup 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

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Wealthtech Startup Univest Seeks $16 Mn Funding From BII, Innoven Capital-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Wealthtech Startup Univest Seeks $16 Mn Funding From BII, Innoven Capital-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Wealthtech Startup Univest Seeks $16 Mn Funding From BII, Innoven Capital-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Wealthtech Startup Univest Seeks $16 Mn Funding From BII, Innoven Capital-Inc42 Media
Wealthtech Startup Univest Seeks $16 Mn Funding From BII, Innoven Capital-Inc42 Media
You’re in Good company