[Funding alert] Pickright Technologies raises $200K from JITO Angel Network
, an AI-enabled wealthtech app, on Friday announced that it has raised $200,000 in a funding round led by JITO Angel Network (JAN). Mumbai Angels and a consortium of other angels also participated in this funding round.
The startup said the funds raised will be used for marketing, creating tech, and specifically, to create awareness on the importance of investing right and early for maximum returns in a structured organised fashion.
Pickright Technologies was launched in 2019 by Namandeep Bhatia and Archana Elapavuluri with the aim to position itself as “a financial assistant in your pocket.” It helps plan, manage finances, and diversify investments for millennials across direct and indirect assets with a single click with deep personalisation. Pickright is a 100x.VC portfolio company.
The AI/ML-based algorithm creates curated diversified portfolios for every user based on user profiling, while allowing them to invest what they are eligible for month-on-month across asset classes.
As Namandeep said, “We are all glaring at pension-less retirement and job uncertainty. Erosion of interest rates as inflation is growing. This is the right time for investors, young and old alike, to notice and put a step towards wealth creation. Every penny counts.”
“Our tech platform is ready and within the launching of the platform, we have early adaptors. We are working with different discount brokers and other partners on how we can partner and scale the same. With 30K users on the platform and doubling MoM, We are quite excited and ready to enjoy our journey of wealth creation,” added Archana.
JITO Angel Network is a community-based platform focused on new venture investing. The network today has a portfolio in various sectors, has invested in 38+ companies, and has taken a few exits. The firm is currently invested in various sectors and are deeply looking to invest in spacetech and defence companies. JITO Angel Network Invests in the company where they feel they can leverage the JAIN Community platform for exponential business growth.
Pawan Jain (GX Advisory Services Pvt Ltd) - Deal Lead, JITO Angel Network said,
“Pickright is a fintech platform connecting investors with authentic advisors through an unbiased AI platform. With Pickright as our portfolio company, we look forward to contributing in its growth journey and value creation for the investors.”