Wealth management platform Wealthy has secured Rs 45 crore ($5.4 million) in a new funding round led by Falcon Edge’s Alpha Wave Incubation Fund. This marks the first investment round for the Bengaluru-based company in 2024.
According to regulatory filings accessed from the Registrar of Companies (RoC), Wealthy’s board has approved a special resolution to issue 47,222 compulsory convertible preference shares at Rs 9,556 each, raising Rs 45 crore or $5.4 million.
Alpha Wave Incubation Fund led the round with an investment of Rs 20.7 crore, while Savrola Lakshmi LLC contributed Rs 16.38 crore. Good Capital and other individual investors collectively invested Rs 7.92 crore.
Wealthy plans to utilize the proceeds for expansion and general working capital purposes. The company is now valued at approximately Rs 278 crore or $33.5 million post-money. To date, Wealthy has raised over $16 million, including a $7.5 million Series A round led by Alpha Wave in early 2022.
It appears this funding round is ongoing, and the company may secure additional capital.
Founded in 2015, Wealthy provides investment management and tracking tools for retail investors. It also offers advisory services and access to wealth management professionals. According to its website, the firm has facilitated over Rs 4,500 crore in investments through its platform.
Following this latest funding round, Alpha Wave remains the largest external stakeholder with a 24.16% stake, followed by Good Capital with 9.69%. Co-founders Aditya Agarwal and Prashant Gupta jointly hold a 36.64% stake in the company.
