Wealthy.in, a startup that provides simplified wealth creation advice, has raised INR 1.6 crore from a pool of angel investors. That comes only a month after it launched.
The startup, which describes itself as India’s first paperless financial investment provider, will invest the funds received from the angel investors in expanding its service options. According to founder and CEO, Aditya Agarwal, the funding will enable Wealthy.in to roll out more investment related solutions.
The company is also looking to widen its scope so that it can enable even micro investors to invest profitably. The next leg could see Wealthy provides investment options for investors with as little as Rs. 100.
Who did it?
Investors who participated in Wealthy’s latest funding round include Arjunand Rohan Malhotra of Investopad, Zishaan Hayath of Toppr, Harpreet Singh Grover of CoCubes, Gagan Dugal of Matrix Cellular and Abhishek Goyal of Tracxn Labs.
What makes Wealthy.in tick?
The investors appear to have been drawn to Wealthy after they witnessed widespread investor interest in the service. “Customers have responded phenomenally to our concept and our mission to reach out to each and every household, regardless of how big an investment they want to make, has been well-received,” said CEO Agarwal.
Wealthy claims that its investment solution cuts the typically lengthy process of deciding on the right investment option to pick. The company says using its systems reduces the entire investment process to just three minutes and customers can do everything from their computer at home. The company also says it has eliminated the complexities that have for years kept low-income Indians out of modern investment opportunities.
For a startup that was founded in September 2015 and formally launched in February 2016, raising INR 1.6 crore from prominent angel investors only a month in to operation is nothing short of a milestone.
In search for more funds
It seems Wealthy wants to strike while the iron is still hot. The company is currently in talks with more investors for another funding round. Additional funding, according to CEO Agarwal, will enable the company to enhance its technology and grow its customer base.
It will be interesting to see who else Wealthy has convinced to invest in its concept.