ZFunds, a wealthtech startup, has secured Rs. 25 crore ($3 million) in a new round led by Elevation Capital and participation from PB Fintech group chief executive officer (CEO) Yashish Dahiya, in its first major institutional funding round.

ZFunds says the funds will be used to expand its distribution network and enhance its technical capabilities.

Manish Kothari and Vidhi Tuteja launched ZFunds in 2019, keeping tabs on asset’s performance, suggesting fresh offerings to their customers, and even assisting them when they need to cash out the cash.

These agents can improve their understanding of the financial markets by using in-depth research insights provided by the platform.

More than 10,000 agents are used by the Gurugram-based company to serve around 60,000 customers.

The Kredible reports that Indian wealthtech startups like Neo, Dezerv, Centricity, Stable Money, Fisdom, InvestorAi, and Wealthy have raised over $200 million in funding in 13 deals since October last year.

The recent repercussions of crypto returns have led to a significant increase in consumer enthusiasm for trading and investments. The potential of the wealthtech companies to make their bets encourages investment firms.

Wealthtech startup Univest is in discussions to raise $16 million in a mix of both equity and debt to roll out an advisory-first brokerage platform under a new entity named Univest Broking.

In September, the Gurugram-based Centricity raised $20 million to beef up its tech stack and beef up its growth team. Additionally, Infinyte is based in Bengaluru. In August, the Club raised $3.6 million (Rs. 30.2 crore) to boost its tech stack and expand the team.