Wealthy.in, an Indian wealth-tech platform for mutual fund distributors and wealth management professionals, has raised Rs 130 crore (about $14.6 million) in Series B funding led by Bertelsmann India Investments, per an announcement.
The round also saw participation from existing investor Alphawave Global, new investor Shepherd’s Hill, and several individual investors from the technology sector.
Founded in 2015, the startup claims to process more than Rs 300 crore in monthly transactions. It works with over 6,000 mutual fund distributors, serving about 100,000 clients across more than 1,000 towns.
Wealthy.in claims to have recently become one of the country’s largest recruiters of distributors, adding more than 350 each month. The assets on the platform are reported to total around Rs 5,000 crore.
The company raised its Series A round from Alphawave Global in 2022.
The fresh corpus raised will be used by Wealthy.in to expand its product and technology capabilities, including AI-driven tools and digital infrastructure for mutual fund distributors.
The company added that it aims to improve operational efficiency for mutual fund distributors and enhance the investing experience for clients.
“India has a fundamental advice gap that technology alone cannot solve. LIC serves over 40 crore customers, yet mutual funds have only 5 crore investors – this gap exists because we have too few advisors, and the ones we have lack the tools to scale,” said Aditya Agarwal, Co-founder of Wealthy, in a statement.
Wealthy.in’s platform uses AI-driven tools to offer access to a range of financial products, including mutual funds, equities, portfolio management services, fixed deposits, fixed-income securities, and insurance products.
The company provides separate applications for clients and distributors, and says its system connects to more than 200 financial institutions across multiple asset classes.
“Less than 15% of Indian households have any exposure to the Indian equities market, either directly or indirectly,” said Rohit Sood, Partner at Bertelsmann India Investments. “As India marches on its way to being a developed country, we believe this number will move closer to 60% and catch up with developed markets,” he added.
With mutual fund assets under management at about Rs 75 lakh crore and India’s wealth management market projected to reach around Rs 200 lakh crore by FY29, independent mutual fund distributors are becoming an increasingly important channel in the retail segment.
Their numbers have roughly doubled to nearly 200,000 over the past five years, driven in part by growing investor interest in distributors who operate independently of product manufacturers.
