WEALTHTECH
Coforge-Cigniti merger; Oyo acquires G6 Hospitality
Happy Tuesday! Coforge and Cigniti Technologies move closer to a merger. This and more in today¡¯s ETtech Morning Dispatch.
Wealthtech platform Univest raises $10 million in Series A round from Bertelsmann India
According to Pranit Arora, cofounder and CEO of Univest, the funds will help the company to scale its research-first, full-stack brokerage offering for stock market investors. Earlier, the advisory-first brokerage platform had raised $3 million from investors, including Trinity Media Group, senior executives from Reliance Industries, and angel investors Aakash Anand, CEO of Bella Vita Organic and Deep Bajaj of Sirona.
2024 Year in Review | who¡¯s in, who¡¯s out: the biggest executive moves in Indian tech & startup sector
Indian tech startups saw a wave of CEO changes in 2024. Flipkart, Swiggy, DealShare, Tata Digital, and others appointed new CEOs. The fintech and edtech sectors also experienced leadership shuffles. Paytm Money, PhonePe, and Byju's all had CEO transitions. These changes reflect a focus on growth and profitability in the evolving tech landscape.
An uphill task for new stockbrokers as Sebi cracks down on excessive speculative trades
Despite regulatory hurdles impacting established brokers, new wealth-tech startups are entering the Indian stock market. Founders cite market under-penetration and economic growth as justification for their ventures, focusing on long-term investors and educational resources. However, high retail investor losses and a changing regulatory landscape pose major challenges.
Bureau secures $30 million from Sorenson Capital, PayPal Ventures, existing investors
This round makes the overall funding raised by the company to around $50 million. The identity verification startup will be using this fund to build new products, strengthen the technology stack, and expand operations outside India. Across North America and India, the company has around 100 employees, which they plan to expand by 50% over the next year.
ZFunds secures Rs 25 crore from Elevation Capital, PB Fintech¡¯s Yashish Dahiya
The startup powers offline agents to sell mutual fund products to last-mile Indians and help them compete with new-generation wealth startups which sell mutual fund products directly.
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Ecomm¡¯s catching up with qcomm; Foxconn¡¯s Tamil Nadu facility
Happy Wednesday! Ecommerce firms are trying to catch up with quick commerce players as they shorten their delivery timelines. This and more in today¡¯s ETtech Morning Dispatch.
Univest in talks to raise $16 million in round likely led by Bertelsmann India Investments: sources
Innoven Capital will participate in the Series A funding round for the wealthtech platform through $3 million in debt financing. The funding round will consist of a mix of equity and debt. To date, Univest has raised $3 million from investors, including Trinity Media Group, senior executives from Reliance Industries, and angel investors Aakash Anand, CEO of Bella Vita Organic, and Deep Bajaj, founder of Sirona.
Wealthtech platform Nivesh acquires Wealthzi for undisclosed amount
Nivesh will leverage Wealthzi's registered investment advisory (RIA) licence to offer investment advisory services to HNIs, said Anurag Garg, founder of Nivesh.
AI in wealthtech; ETSA 2024 Top Innovator winner interview
Happy Monday! Rapid developments in artificial intelligence are being adopted in India's fast-growing wealthtech sector. This and more in today¡¯s ETtech Morning Dispatch.
Wealthtech sector takes to AI models to rewire business
Industry insiders said that while AI is being used across multiple functions by startups, these are still very early days. There is a shortfall in data around conversations between relationship managers and investors.
Wealthtech startup Centricity raises $20 million in round led by Lightspeed India Partners
Returning investors Burman Family Office and Shantanu Agarwal, among others, participated. The startup, now valued at $125 million, had earlier raised $4 million in September 2022, in a round led by the Burman Family Office at a $20 million valuation. The fresh funds will be used to scale its platforms Invictus and One Digital.
Ashish Kacholia invests in AI-based wealthtech platform
InvestorAi, an AI-based equity investment platform, secured Rs 80 crores in a Series A funding round from Ashish Kacholia and his associates. The investment aims to scale the business and introduce new products. The platform provides stock recommendations through several brokers and has maintained a solid track record of strong investment returns.
VCs fire up wealthtech investments as stock market surge ignites HNI boom
VCs rush to extend funding support on seeing segment¡¯s huge growth potential. Unlike the traditional wealth management services offered by banks, wealthtech firms use data analytics and the latest technologies to provide personalised investment strategies at a fraction of the cost.
Wealthtech platform Syfe raises $27 million from Peter Thiel's Valar Ventures, others
Singapore-based Syfe is committed to investing in Indian talent and growing its team here, founder Dhruv Arora said.
Healthcare startup 4baseCare raises $6 million from Yali Capital, others
The company plans to use the capital to enhance product offerings and scale operations across India, as well as other countries in Asia and the Middle East.
Wealthtech startup Infinyte Club raises $3.6 million in funding round led by Elevation Capital
Angel investors, such as Cred founder Kunal Shah, Meesho cofounder Vidit Aatrey, Unacademy cofounder Gaurav Munjal, Razorpay cofounder Harshil Mathur and others participated in the funding round for the wealth creation and management platform for tech and startup employees.
A week of hits and misses in fintech; and other top tech, startup stories
Hi, this is Pratik Bhakta in Bengaluru. It¡¯s been a busy news week for us here at ETtech covering some of the most important stories in the fintech space. We had a string of big exclusives, wrapping it up here just in case you missed reading them.
Wealthtech startups rake in funds; ads on sound box coming soon!
Wealthtech platforms Dezerv and Stable Money are set to close $30 million and $17 million in equity funding, respectively. While Dezerv is looking to raise the capital from Premji Invest, Stable Money is likely to rack up funds led by RTP Global.
Wealthtech startups Dezerv, Stable Money close fresh funding amid larger fintech stress
Wealthtech startups secure investments; Dezerv, Stable Money, and Fisdom funding rounds ongoing. Scripbox, Angel One also seek funding. Stable Money expanding to corporate bonds; attracts user attention.
Stable Money secures online bond platform licence from Sebi
Bengaluru-based startup Stable Money obtained the OBPP license from Sebi, allowing them to offer online platform for company bonds. The license broadens investment options for retail investors and enables Stable Money to democratize access to the bond market. The company plans to offer bonds with minimum ticket sizes of Rs 1,000 or less.
Share.Market plans to build quant research-based models to drive sustained wealth creation for investors
Wealthtech platform Share.Market aims to give a new dimension to discount broking in India by offering quantitative research and market intelligence. Share.Market plans to go live with futures & options trading by the end of March. Share.Market aims to bring in a new dimension to stock broking by providing quantitative research along with execution.
Former Swiggy CTO Dale Vaz secures seed funding for new wealthtech venture
Swiggy¡¯s former chief technology officer Dale Vaz on Friday said he had secured seed funding from venture capital funds Accel and Elevation Capital for his new firm, Aaritya Technologies.
Prashanth Ranganathan¡¯s new venture in talks for $20-25 million
Ranganathan, who left Prosus-owned PayU earlier this year, is currently on gardening leave. His new venture will likely be in the wealthtech space.
Wealthtech startup Centricity raises $4 million in funding led by Burman family office
Centricity plans to use the funds to strengthen teams across technology, investment product, and sales functions and increase brand awareness.
Wealthtech startup Dezerv hires Sripad Panyam as head of product
Sripad Panyam will be responsible for the platform's overall product development and user experience.
Cashe forays into wealth management with Sqrrl acquisition
With the acquisition, Cashe will provide mutual funds, fixed deposits and other investment options to its customers. Sqrrl will retain its identity and operate as an independent platform.
Phydigital model major disruption in wealth-tech space
What wealth-tech intends to do is to leverage technology to make clients' lives easier and give them more control over their investments. Being technology-oriented they have made processes easier and the software interface more appealing and user friendly.
CashRich acquires WealthApp's MF distribution business
The deal is expected to strengthen CashRich¡¯s position as a prominent investment app in India.
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