Wealth management platform Wealthy announced a $7.5 million fundraising round led by Alpha Wave Incubation (AWI). AWI is managed by Alpha Wave Global and is backed by Abu Dhabi investment vehicle ADQ's venture platform (formerly Falcon Edge Capital).

The Savrola Group joined the round as a new investor, joining existing backers Venture Highway, Good Capital, and Emphasis Ventures.

Wealthy plans to use the funds to expand globally, including in the Middle East, according to a statement released by the Bengaluru firm.

Wealthy, founded by Aditya Agarwal and Prashant Gupta, provides retail investors with investment management and tracking tools. It also offers wealth management professionals advice and access through its marketplace.

Wealthy claims that its technology-based portfolio tracking and management platform is free, but it does receive commissions from wealth managers who provide expert advice. It claims to have over 1,500 wealth managers on its platform, all of which offer clients advice and use the company's software stack. On its platform, the organisation claims to have $450 million in assets under management.

Wealthy cofounder Aditya Agarwal stated, “We are seeing signs of a structural shift in the market, where investors want to manage their life’s savings through a diversified pool of products.”

Wealth management has been a hotbed of Indian fintech investment this year, with numerous businesses raising cash in the industry.

In a round headed by Accel Partners, Bengaluru-based online wealth manager Scripbox, which also employs financial counsellors, raised $21 million in debt and equity.

Last month, IndMoney, a wealth management solutions provider founded by GoIbibo's Ashish Kashyap, raised $75 million from investors. Raise Financial Services, which serves super-traders and long-term investors, received $22 million in the last week of January, with Beenext and Mirae Asset Venture Investments leading the way.