Exclusive: Wealthy raises fresh capital from Alpha Wave
Summary
Wealth management platform Wealthy has raised Rs 45 crore ($5.4 million) in a new round led by Falcon Edges Alpha Wave Incubation Fund. Good Capital and other individual investors cumulatively participated with Rs 7.92 crore.According to the filings, Wealthy will use these proceeds for expansion and general working capital purposes.As per startup data intelligence platform TheKredibles estimates, the company has been valued at around Rs 278 crore or $33.5 million post-money. Wealthy has raised over $16 million to date including $7.5 million Series A funding led by Alpha Wave in early 2022.It looks like an ongoing round and the company may raise more capital.Founded in 2015, Wealthy offers investment management and tracking tools to retail investors. According to its website, the firm has facilitated over Rs 4,500 crore of investments through its marketplace.Following the fresh proceeds, existing backer Alpha Wave remains the largest external stakeholder with 24.16% followed by Good Capital which holds 9.69%. The company is yet to disclose its financial numbers for FY24.It competes with a clutch of wealthtech platforms including Stable Money, Deserv, Cube Wealth and many others.