Wealthy Secures Rs 130 Crore Funding Led By Bertelsmann India Investments
- Wealth management startup Wealthy raises Rs 130 crore in Series B funding led by Bertelsmann India Investments
- Funds to fuel tech upgrades, expansion to smaller cities, and onboarding of 50,000 mutual fund distributors toward Rs 1 lakh crore AUM goal
- Wealthy targets independent wealth professionals with AI-powered advisory and onboarding tools amid rising demand beyond large institutions
Wealth management startup Wealthy has raised Rs 130 crore ($14.5 million) in a Series B round led by Bertelsmann India Investments, a statement said. Existing investor Alphawave Global, new investor Shepherd's Hill and a group of technology entrepreneurs also participated.
The company provides an AI-enabled platform for mutual fund distributors and independent wealth professionals. Wealthy said the funds raised would be used to invest in technology, expand operations to smaller cities, onboard 50,000 distributors and work towards touching Rs 1 lakh crore in assets under management.
It offers AI-powered advisory workflows, analytics and onboarding tools-which it claims to enable KYC in under two minutes-and enterprise-grade digital tools for distributors. The company currently has 20 offices across major cities with a team size of more than 250 people.
The firm was founded by Aditya Agarwal and Prashant Gupta. It handles over Rs 300 crore of monthly transactions and works with over 6,000 mutual fund distributors who cater to more than 1 lakh clients across more than 1,000 towns. Client assets worth Rs 5,000 crore are currently managed on the platform. Wealthy said it onboards over 350 distributors every month.
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The Bengaluru-based startup claimed it is targeting the growing pool of independent mutual fund distributors. It also said that most still lack the digital infrastructure needed to compete with large institutions, despite such distributors doubling to almost 2 lakh in five years. As per the firm, distributors spend up to 70% of their time on manual processes such as KYC and compliance.
Co-founder Gupta said Wealthy aims to support the new segment of independent wealth professionals that includes former bankers and relationship managers who are leaving institutional roles to build their own practices. The platform will provide technology, research support and access to products across mutual funds, equities, bonds, PMS, AIFs and insurance, he added.
Rohit Sood, a partner at Bertelsmann India Investments, said less than 15% of Indian households have exposure to equities, and this could rise meaningfully as the country moves toward developed market income levels.
