RTP Capital, Lightspeed India, and Matrix Partner have contributed over Rs 123 crore, or approximately $15 million, to the wealthtech startup Stable Money’s latest fundraising round. Particularly during the so-called funding winter, the Bengaluru-based company has emerged as one of the few startups to close two rounds in a single year.
According to a regulatory filing obtained from the Registrar of Companies (ROC), the board of Stable Money has approved a special resolution to issue 77,135 CCPS at a price of Rs 16,019 each in order to raise Rs 123.56 crore, or $14.74 million.
Lightspeed India and Matrix Partners India each contributed Rs 34.64 crore ($4.15 million) to the round, with RTP Capital taking the lead with Rs 54.26 crore ($6.5 million).
Stable Money raised $5 million in August 2023 from its first equity fundraise, which was spearheaded by Matrix Partners and Lightspeed. Participating in the round were Titan Capital, Mar Shot Ventures, and a number of well-known angel investors.
The media reports that Stable Money’s post-tax valuation will be approximately $55 million. The valuation has increased by more than three times from $16.5 million in the previous round.
Saurabh Jain and Harish Reddy founded Stable Money in late 2022 with the goal of developing a fixed-return investment platform and offering investors financial advisory services. In order to raise awareness among investors, the platform will also post financial literacy content on its online platform.
In the current year, a number of wealthtech startups have been able to secure respectable funding. In a recent Series B funding round headed by Premji Invest, Deserv raised $32 million. Alpha Wave Incubation Fund led a fresh round of funding for wealth management platform Wealthy in May, raising $5.4 million.
