[Funding alert] Fintech startup Wealthy.in raises $1.3M from Good Capital

The fund raised in this round will be utilised to scale-up its partner base and continue further development of the platform to offer more financial products.

[Funding alert] Fintech startup Wealthy.in raises $1.3M from Good Capital

Thursday October 24, 2019,

3 min Read

Fintech startup Wealthy.in announced that it has raised $1.3 million in funding led by an early-stage venture capital firm, Good Capital, along with fintech venture capital firm, Emphasis Ventures (EMVC). Wealthy.in’s previous investors include Venture Highway, Tracxn Labs, V1 Capital and Globevestor.

A fast-growing fintech platform, Wealthy.in enables professionals and other individuals to become wealth managers by providing them with digital financial products and training them to succeed as independent entrepreneurs.

The fund raised in this round will be utilised to scale-up its partner base and continue further development of the platform to offer more financial products.


In a statement, Aditya Agarwal, Co-founder of Wealthy.in, said,

“Our focus is to build a strong base of partners which we call 'Wealth Managers.' Over the last three years, we have realised that though there is a growing demand for online financial solutions that are convenient and paperless, there is an underlying trust issue that deters most end customers to build meaningful relationships. Our partners are helping solve this trust deficit by bringing a rules-based advisory experience to customers in their trust network.”

Wealthy.in forayed into the fintech market in 2016 by offering tax-saving investments in three clicks and scaled its portfolio of financial products and services over the years. With its seamless and paperless investment solution, Wealthy.in acquired customers via word of mouth rapidly. Encouraged by this early success, the startup launched new product features and increased its user base.

As the company scaled further, Wealthy.in found it easy to make consumers conduct small financial transactions via social media posts and digital marketing. However, the users who built meaningful relationships with the platform were individuals, who were referred by friends or heard about the startup from someone they trusted at their workplace.

Prashant Gupta, Co-Founder of Wealthy.in, said,

“Our latest fundraise will help us fast track the process of onboarding banking professionals who are looking for an independent career. Typically, their jobs today with any large bank or financial institution is a one-sided relationship. The maximum benefit of this relationship accrues to the institution, leaving both the banker and clients short-changed.”

Wealthy.in had a superior product but was missing the ‘trust’ element that an HDFC’s relationship manager was able to bridge in with his client interactions. That’s when the team realised the real opportunity lies in empowering these professionals with their technology-led approach.

"That was a turning point, prompting us to shift our focus from transactions to trust. In hindsight, we found that it only makes sense, as people have always been taking major financial decisions on the advice of other people, be it their friends, relatives, or their banker. This led us to introduce a layer of professionals who could engage end customers with a 360-degree solution," Aditya explained.

Arjun Malhotra, Founding Partner of Good Capital, said,

“Wealthy.in's approach in enabling the middleman to better curate and serve the eventual customer is something that resonates well with our investment thesis. We have seen this theme play out across different industries and are excited to partner with a highly capable and execution-oriented team in Aditya and Prashant.”

Melissa Frakman, Managing Partner of EMVC, said,

“Indian households with a large and emerging middle-class deserve the transparency, cost-efficiency, and convenience of the country’s digital finance transformation, while still enjoying personalised, professional service from their advisor. We look forward to working with the Wealthy.in team, as they build a next-generation network of technology-enabled advisors to service a growing need of Indian households.”

(Edited by Suman Singh)