Online wealth management platform Wealthy has raised $ 1.3 million in a seed round led by early stage venture capital firm Good Capital.
Early stage venture capital firm Emphasis Ventures (EMVC) also participated in the round apart from existing investors Venture Highway, Tracxn Labs, V1 Capital and Globevestor.
The tech-driven platform partners with independent advisors who manage clients.
“We started as a purely online investment platform. Over the last three years, we have realised that there is a trust deficit in the space and in order to have meaningful relationships with clients, we needed independent advisory partners,” Aditya Agarwal, co-founder of Wealthy, told TechCircle.
He added there is a pool of employees who work with banks who want to make a career shift to advisory, and Wealthy plans on building a strong base of partners for the same.
Founded in 2016 by Agarwal and Prashant Gupta, Wealthy offers data-driven and rules-based solutions across the financial needs of customers including investments, insurance and financing. The wealth managers on the platform suggest products and solutions based on suggestions and approvals from the tech-enabled investment platform.
“We have a database of Rs 800 crore of savings data. It helps us spot mistakes made by clients and advisors typically,” said Agarwal, adding that the platform has gone from offering a single product six months back to over 100 products at present.
“Wealthy’s approach in enabling middlemen 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,” said Arjun Malhotra, founding partner of Good Capital in a statement.
In April, financial planning and investment platform Kuvera raised $4.5 million from Eight Roads, the proprietary investment arm of Fidelity International.
In January, investment platform Groww raised $6.2 million, led by Sequoia Capital India.
Robo-advisory platform Scripbox Advisors raised $21.7 million from Accel, Omidyar Network and other investors in January.